The Department of the Treasury's Office of Foreign Assets Control (OFAC) published a final rule in the Federal Register on October 22, 2012, changing the heading of the Iranian Transactions Regulations, 31 C.F.R. part 560, to the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (the "ITSR"), and amending the renamed ITSR to implement Executive Order 13599 (other than section 11) and sections 1245(c) and (d)(1)(B) of the National Defense Authorization Act for Fiscal Year 2012. These new regulations block the Government of Iran and all Iranian financial institutions and add numerous new sections to the ITSR, including prohibitions, definitions, interpretations, and licensing provisions. Also, a few general licenses that had been included in the Iranian Transactions Regulations have now been removed.
In addition, OFAC is publishing on the Iran section of its Web site a Statement of Licensing Procedure on Support of Human Rights-, Humanitarian-, and Democracy-Related Activities with Respect to Iran. The Statement of Licensing Procedure reflects procedures established pursuant to the Iran Threat Reduction and Syria Human Rights Act of 2012, which was signed into law by the President on August 10, 2012. OFAC is providing a list of frequently asked questions pertaining to the ITSR and the Statement of Licensing Procedure.
In addition, OFAC is publishing a list of the basic medical supplies that are eligible for exportation or reexporation to Iran, subject to certain restrictions, under a new general license set forth in the ITSR. Finally, OFAC is removing General License A and General License B to reflect the changes set forth in the ITSR.