The Internal Revenue Service (IRS) announced last week that it was further incentivizing the self-disclosure by U.S. taxpayers of offshore financial assets and accounts not previously reported. Specifically, the IRS modified the 2012 Overseas Voluntary Disclosure Program (OVDP) effective July…
U.S. Sanctions Regulations Blog
Tracking Developments in U.S. and other International Sanctions Regulations
Blog Archives
Iranian Sanctions Relief on Aviation: What’s Covered?
I was part of a three-member panel on Voice of America Persian News Network’s Ofogh program on Wednesday (April 23) on an episode that dealt with U.S. sanctions on Iran’s aviation industry (you can watch it by clicking here). My co-panelists…
Mentioned in The Wall Street Journal
Farhad Alavi, the author of this blog, was interviewed as part of a story in the Wall Street Journal on Iran’s sanctions relief following the P5+1/Iran agreement entered into in Geneva on November 24, 2013. This article, which mentions Mr.…
U.S. and EU Expand Sanctions on Russia
Both the United States and the European Union took further steps today to sanction certain entities within the government of the Russian Federation following the incursion by Russian forces into the Crimea in Ukraine. This action dovetails yesterday’s vote in the…
U.S. Issues Guidance for Implementation of Iran/P5+1 Geneva Joint Plan of Action
The U.S. Departments of the Treasury and State yesterday issued a joint official statement titled in response to Iran’s agreement with the five permanent members of the United Nations Security Council and Germany (the “P5+1”) in November 2013 in Geneva…
Is Iran *Really* Open For Business?
These days the media is full of articles on Iran being on the verge of opening for business. An article in The New York Times today sums it up well – interest is high, but the sanctions laws have really…
Steering Clear of the OFAC Black List: How Much Checking is Necessary?
I was speaking to one of my [very diligent and thorough] individual clients the other day about his upcoming lawsuit in Iran and pending property sale, whereupon he asked me a fantastic question. Specifically, he asked “how do I know…
Funds Transfers from Iran: A Bad Case of the Black-Listed Bank
A key problem I often see among those whose who want to transfer money from Iran is the issue of designated Iranian banks. To be clear, all Iranian banks are on OFAC’s Specially Designated Nationals (SDN) list (the biggest of…
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What Kind of Sanctions Relief will Iran be Getting Now?
Farhad Alavi Akrivis Law Group, PLLC, Washington, DC Alas, Iran and the P5+1 (the five permanent members of the United Nations Security Council and Germany) finally reached a temporary agreement in the early hours of Sunday Geneva time on Iran’s nuclear…
How will an Iran/P5+1 Accord Impact Sanctions?
There is much curiosity surrounding what the immediate (as opposed to long term) impact of an accord between Iran and the Permanent UN Security Council members (the United States, United Kingdom, France, China, and Russia) and Germany (the so-called “P5+1”)…
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