United States:
Federal Register: FinCEN Prohibits Iranian Access To U.S. Financial System
14 November 2019
Cadwalader, Wickersham & Taft LLP
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A FinCEN final rule imposing strict prohibitions on the access
of Iranian financial institutions to the U.S. financial system was
published in the Federal Register. The final
rule will become effective on November 14, 2019.
As
previously covered, in accordance with
Section 311 of the USA PATRIOT Act, FinCEN designated Iran as a
"jurisdiction of primary money laundering concern."
Generally, the final rule prohibits anyone from (i) opening or
maintaining accounts in the United States on behalf of Iranian
financial institutions and (ii) processing transactions involving
Iran's financial institutions.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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