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Financial Services Law Insights and Observations

OFAC sanctions supporter of Iranian chemical weapons research

Financial Crimes OFAC Sanctions Iran Of Interest to Non-US Persons Department of Treasury OFAC Designations

Financial Crimes

On December 3, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against a subordinate to the Iranian Organization of Defensive Innovation and Research and its director for its involvement in Iran’s chemical weapons research. The government made the sanctions designations pursuant to Executive Order 13382, which aims to freeze the assets of proliferators of weapons of mass destruction along with their supporters. As a result, all property and interests in property belonging to, or owned by, the designated persons subject to U.S. jurisdiction are blocked, and U.S. persons are also generally prohibited from engaging in transactions with them. OFAC further warned foreign financial institutions that knowingly facilitating significant transactions or providing significant support to the designated persons may subject them to U.S. sanctions.

Additionally, OFAC updated and issued several Iran-related FAQs.

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