On March 20, 2014, the Department of Treasury's Office of Foreign Assets Control issued Iranian General License G ("GL G"), which primarily authorizes U.S. academic institutions to operate exchange agreements with Iranian universities, but also authorizes certain related activity of U.S. depository institutions.
In general, GL G authorizes accredited U.S. academic institutions to establish and operate undergraduate and graduate academic exchange agreements with Iranian universities, including the provision of scholarships to participating Iranian students, as well as authorizes the export to Iran of certain additional educational services by U.S. academic institutions. In addition, GL G authorizes U.S. depository institutions or U.S. registered brokers or dealers in securities to process transfers of funds in furtherance of the primary activities authorized by GL G so long as the transfer is consistent with 31 C.F.R. section 560.516, transfers of funds involving Iran. Moreover, GL G authorizes U.S. depository institutions and private loan companies to engage in all transactions necessary to collect, accept, and process student loan payments from persons in Iran or ordinarily resident in Iran under 31 C.F.R. section 560.551, student loan payments from persons in Iran authorized.
The following is a link to GL G: http://www.treasury.gov/resource-center/sanctions/Programs/Documents/iran_glg.pdf .
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.
