Designations Removals; Designations Updates; Publication of Iran-related OFAC Alert; Publication of Amended Iran-related Frequently Asked Question
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Key facts
Source:US Treasury OFAC (U.S. Government work, public domain)
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced several updates to its sanctions enforcement actions. The agency issued a new Iran-related alert titled "Notice to Foreign Financial Institutions Conducting Business with Iran" and released an updated Frequently Asked Question (FAQ 156) regarding Iran-related sanctions.
In a separate update to the Specially Designated Nationals (SDN) List, OFAC removed numerous individuals and entities from the sanctions program identified as IRAQ2. The deletions include several former Iraqi government officials, such as former Ministers of Education Hikmet Abdallah Al-Bazzaz, Culture and Information Hamid Yusif Al-Hammadi, Irrigation Nazar Jumah Ali Al-Qasir, and Transport and Communications Ahmad Murtadha Ahmad Khalil.
The removals also involve various business entities and individuals located across several countries, including Iraq, Jordan, the United Kingdom, and Switzerland. Notable corporate entities removed from the list include AMD Co. Ltd Agency, Arab Projects Company S.A. Ltd, Durand Properties Limited, Fartrade Holdings S.A., and Helford Directors Limited.
The list of deleted individuals also featured several banking and administrative figures, such as the General Manager of the Industrial Bank of Iraq, Salam Abdel-Salam Abdel-Rahman Alawi, and the Managing Director of the Real Estate Bank, Dr. Khadim Al-Ruba.
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