The United States has imposed increasingly restrictive sanctions against Iran since 1979. It was only recently that some of these sanctions were lifted.
In 2015, the Joint Comprehensive Plan of Action (JCPOA), signed by the United States, the European Union, China, Russia, and Iran was aimed at ensuring that Iran's nuclear program will be applied only to peaceful intentions. On January 16, 2016, the International Atomic Energy Agency (IAEA) verified that Iran had complied with its key nuclear directives as described in the JCPOA. As a result, the U.S. lifted nuclear-related sanctions on Iran and over 400 individuals and entities were removed from the List of Specially Designated Nationals and Blocked Persons (SDN) the Foreign Sanctions Evaders List (FSE), and/or the Non-SDN Iran Sanctions Act List (NS-ISA).
Despite this development, other sanctions on Iran have not been lifted, including those put in place because of Iran's support for terrorism, human rights abuses, and proliferation of weapons of mass destruction (WMD).
It is, therefore, vital that your business is familiar with the details of the sanctions and embargoes imposed on Iran by the United States Department of Treasury Office of Foreign Assets Control (OFAC). Companies and individuals in breach of Iran sanctions are considered to be aiding a foreign entity hostile to the United States and its allies, and are liable to major penalties including criminal prosecution.
For more information about our Visual OFAC software, visit our dedicated Visual OFAC site, call toll-free 1-877-328-7866 (Intl: 716-881-2590) and talk to one of our sanctions compliance consultants, or send an email.