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Financial Services Law Insights and Observations

OFAC issues Iran general license and related FAQs

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

Financial Crimes

On August 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Iran General License (GL) M-1, “Authorizing the Exportation of Certain Graduate Level Educational Services and Software,” which authorizes accredited graduate and undergraduate degree-granting academic institutions in the U.S. to engage with Iranian students in online educational services and exploration of software through September 1, 2022, provided certain criteria are met. OFAC also published an updated FAQ related to GL M-1 (see 853). Effective August 24, GL M-1 supersedes and replaces GL M.

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