OFAC Redefines "Entity Owned/Controlled by Iran Gov't"
The Office of Foreign Assets Control has issued a final rule that effective March 20, 2012, amends the Iranian Transactions Regulations to redefine the term "entity owned or controlled by the Government of Iran" to include any corporation, partnership, association,…
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or other entity in which the Government of Iran owns a 50 percent or greater interest or a controlling interest, and any entity which is otherwise controlled by that government. OFAC states that this change substantially conforms 31 CFR 560.313 to the definition in the amended Iranian Financial Sanctions Regulations. (FR Pub 03/20/12)