What does ITSR mean in UNCLASSIFIED
Iranian Transactions and Sanctions Regulations (ITSR) are a set of regulations issued by the US Department of Treasury's Office of Foreign Assets Control (OFAC). These regulations are meant to limit or prohibit certain activities or transactions with Iran or Iranian entities, whether inside or outside the country. The ITSR is enforced to prevent the financing of terrorism, weapons proliferation, money laundering, and other activities prohibited by US federal law.
ITSR meaning in Unclassified in Miscellaneous
ITSR mostly used in an acronym Unclassified in Category Miscellaneous that means Iranian Transactions And Sanctions Regulations
Shorthand: ITSR,
Full Form: Iranian Transactions And Sanctions Regulations
For more information of "Iranian Transactions And Sanctions Regulations", see the section below.
Essential Questions and Answers on Iranian Transactions And Sanctions Regulations in "MISCELLANEOUS»UNFILED"
What do the Iranian Transaction and Sanctions Regulations prohibit?
The ITSR prohibits any property transfers, financial transactions, and economic relations with Iran that involve US persons, regardless of their location.
How are sanctions on Iran enforced?
Sanctions on Iran are enforced through various regulations issued by the US Department of Treasury's Office of Foreign Assets Control (OFAC). This includes the Iranian Transaction and Sanctions Regulations (ITSR).
What is prohibited under the Iranian Transactions and Sanctions Regulations?
Under the ITSR, it is illegal for any US person to engage in transactions involving property or securities belonging to a designated person or entity in Iran; provide any goods or services related to any activity prohibited by other OFAC sanctions programs; facilitate in any way a transaction involving anyone subject to U.S. jurisdiction with another person subject to U.S. jurisdiction who is engaged in transaction with a person in Iran; engage in financial assistance relating to projects in Iran; transfer funds involving a non-U.S., third-country entity under U.S. jurisdiction that relates solely, directly or indirectly to an activity involving Iran; engage in financial services related to certain listed activities regarding Iran; import into the United States goods from Iran; export goods from the United States without authorization from OFAC; export services from the United States without authorization from OFAC; invest in securities or debt instruments issued by an Iranian entity; engage in unlicensed exportation services for an Iranian national outside of his/her country on behalf of someone under U.S jurisdiction who has business intentions with such person.
Who enforces these regulations?
The Office of Foreign Assets Control (OFAC) is responsible for enforcing all ITSR regulations.
Are there exceptions to these rules?
Yes, there are some exemptions provided when engaging in activities related to humanitarian aid, educational exchanges, academic instructional activities, journalistic activities, and other categories outlined in 31 CFR 560 Subpart E that may qualify as exempt purposes.
Final Words:
The purpose of issuing these regulations is primarily to protect US citizens and businesses from engaging in potentially illegal conduct associated with doing business with sanctioned countries like Iran as well as safeguarding America's national security interests abroad. By following all guidance provided within these regulation we can help ensure compliance while still engaging in international trade.
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