• The Office of Foreign Assets Control Promulgates Financial Sanctions Regulations Implementing the Comprehensive Iran Sanctions, Accountability, and Divestment Act Of 2010
  • August 27, 2010 | Authors: Stuart E. Eizenstat; Peter L. Flanagan; Corinne A. Goldstein; Kimberly A. Strosnider
  • Law Firm: Covington & Burling LLP - Washington Office
  • On August 16, 2010, the Treasury Department’s Office of Foreign Assets Control (“OFAC”) promulgated regulations to implement Sections 104(c) and (d) of the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 (“CISADA”). The new rules are expected to discourage foreign banks from doing business with Iran or require them to conduct greater due diligence in connection with such business in order to avoid sanctions that would prohibit or substantially restrict their ability to maintain correspondent and payable-through accounts in U.S. financial institutions.