On October 22, 2012, the Office of Foreign Assets Control (“OFAC”) reissued in its entirety and renamed the Iranian Transactions and Sanctions Regulations (“ITSR”) at 31 C.F.R. Part 560, previously titled the Iranian Transactions Regulations. The newly reissued regulations do not incorporate the changes implemented as a result of the Iran Threat Reduction and Syria Human Rights Act which was signed into law in August, and so do not provide any additional guidance regarding the scope or application of those changes regarding foreign parties owned or controlled by a U.S. person.

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Source: Customs & International Trade Alert
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