OFAC SANCTIONS IRAN’S CENTRAL BANK AND NATIONAL DEVELOPMENT FUND

On 20th September, the US Treasury announced that OFAC had taken action against the Central Bank of Iran (CBI), the National Development Fund of Iran (NDF), and Etemad Tejarate Pars Co. under its counterterrorism authority, Executive Order 13224.

It targets the CBI for its financial support to the IRGC-QF and Hizballah, having already in May 2018 designated the then-Governor Valiollah Seif, and the Assistant Director of the International Department Ali Tarzali, and in November 2018 International Department Director Rasul Sajjad, and the CBI’s International Department Director, Hossein Yaghoobi.

OFAC says that the NDF has been used as a slush fund for the IRGC-QF.  OFAC is designating NDF for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to, the IRGC-QF and Iran’s Ministry of Defense and Armed Forces Logistics (aka MODAFL, which was itself designated in March 2019).

Etemad Tejarate Pars Co is designated for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to, MODAFL.

https://home.treasury.gov/news/press-releases/sm780

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20190920.aspx

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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