OFAC - What is OFAC?
What is “OFAC” and who should be concerned about it?
OFAC stands for Office of Foreign Assets Control and is a section of the U.S. Treasury Department. United States citizens and permanent residents who own real properties in Iran (and other countries under US Sanction) MUST OBTAIN OFAC LICENSE in order to be able to sell their properties in Iran and transfer the proceeds to the United States.
U.S. economic and financial sanctions against Iran have been tightened during recent years. Under the U.S. Government's Code of Federal Regulations, the Iranian Transaction Regulation generally prohibits exportation and importation of goods and services between Iran and the United States directly or indirectly. On February 5, 2012, the President signed Executive Order 13599 “blocking property of the Government of Iran and Iranian Financial Institutions” in the United States, including Central Bank of Iran.
However, in order to accommodate the financial and economic needs of Iranian-Americans and Iranian immigrants, OFAC Licensing Division issues authorization licenses for non-commercial use by individuals with no affiliation with Iranian governmental organizations.
Legally, applicants can write their own application letters, practically, however, preparing and presenting the application to comply with all the provisions of OFAC regulations calls for specialized knowledge and expertise.
Dr. Ahmad Mesbah, Executive Director of General Documentation Services, who has extensive experience in teaching international business in both Iranian and American Universities and in consulting transnational businesses, has participated in several OFAC seminars arranged by the U.S. Treasury Department in Southern California and the OFAC Financial Symposium in Washington, DC.
On behalf of his clients Dr. Mesbah has been successfully securing OFAC Licenses for a small fee. There will be no additional charges for subsequent follow ups including responding to OFAC inquiries for further clarification and new information.
