Money Laundering, Terrorism & Financial Institutions
Published by Civic Research Institute,

27 May 2003 USA PATRIOT Act Monitor News Release: Iraqi Sanctions Modified
The Office of Foreign Assets Control (OFAC) is amending the Iraqi Sanctions Regulations by interim final rule (68 FR 28753, 5/27/2003), to include four general licenses issued May 7, 2003. These licenses generally authorize (1) non-commercial funds transfers (including family remittances) and related transactions, (2) activities by the U.S. Government and its contractors or grantees, (3) privately financed humanitarian transactions, and (4) certain exports and reexports to Iraq. The changes are made to 31 CFR Part 575, the Iraqi sanctions regulations. Under the changes to 31 CFR 575.529, "U.S. financial institutions are authorized to engage in all transactions ordinarily incident to the transfer of funds" for noncommercial humanitarian purposes "including the opening of new correspondent accounts for funds transfers with Iraqi financial institutions." The revised rule states that "U.S. financial institutions may relay on originators of funds transfers with regard to compliance with this part."


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