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Expert Analysis

An OFAC Settlement That May Impact Future Investments

Law360, New York (May 30, 2012, 1:06 PM EDT) -- On May 21, 2012, the U.S. Department of the Treasury's Office of Foreign Assets Control announced a $112,500 settlement involving international securities investments. This settlement may have broader significance than the relatively low dollar amount. The U.S. investment manager for a Channel Islands fund allegedly violated the Iranian Transactions Regulations (ITR), 31 C.F.R. part 560, when its British subsidiary, acting as its agent, made a $3 million investment in a Caribbean-based fund that invested exclusively in Iranian securities....

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