Issuance of Counter Terrorism and Iran-related General License 8 and Frequently Asked Questions

February 27, 2020

Related Country: 

  • United States

OFFICE OF FOREIGN ASSETS CONTROL

Global Terrorism Sanctions Regulations 31 C.F.R. Part 594

Iranian Transactions and Sanctions Regulations 31 C.F.R. Part 560

GENERAL LICENSE NO. 8

Authorizing Certain Humanitarian Trade Transactions Involving the Central Bank of Iran 

(a) Except as provided in paragraph (b) of this general license, the following transactions and activities involving the Central Bank of Iran (CBI) that are prohibited under the Global Terrorism Sanctions Regulations, 31 C.F.R. part 594 (GTSR), or the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR), are authorized:

(i) transactions and activities described in the general licenses set forth at sections 560.530(a) and (b), 560.532, and 560.533 of the ITSR;

(ii) transactions and activities ordinarily incident and necessary to transactions described in paragraph (a)(i) of this general license that are authorized under section 560.516 of the ITSR or consistent with section 560.405 of the ITSR; and

(iii) transactions and activities authorized under any specific license issued pursuant to sections 560.530, 560.532, or 560.533 of the ITSR.

Note 1 to paragraph (a): Paragraph (a) of this general license does not authorize the exportation or reexportation of goods set forth in 31 C.F.R. § 560.530(a)(l)(ii) to the CBI, as set forth in section 560.530(a)(l) of the ITSR.

Note 2 to paragraph (a): Section 560.530(d)(5) of the ITSR excludes from the scope of section 560.530 any transaction or dealing with a person whose property and interests in property are blocked pursuant to 31 C.F.R. part 594, among other authorities. Paragraph (a) of this general license authorizes certain transactions involving the CBI that, due to the exclusion at section 560.530(d)(5), are otherwise prohibited by the ITSR. Any transactions otherwise prohibited by the ITSR must be separately licensed pursuant to the ITSR.

(b) This general license does not authorize any transactions or activities that are otherwise prohibited by the GTSR, Executive Order 13224 of September 23, 2001, as amended by Executive Order 13886 of September 9, 2019, or by any other part of 31 C.F.R. chapter V. 

 

OFAC FAQs: Iran Sanctions

821. What does General License No. 8 (GL 8) authorize with respect to humanitarian-related transactions and activities involving the Central Bank of Iran (CBI)?

As a result of the CBI’s designation pursuant to Executive Order 13224, as amended (E.O. 13224), U.S. persons are prohibited from engaging in any transaction or dealing in the property or interests in property of the CBI under the Global Terrorism Sanctions Regulations, 31 CFR part 594 (GTSR), unless exempt or authorized by OFAC. In addition, U.S. persons and U.S.-owned or -controlled foreign entities are subject to broad prohibitions on transactions or dealings involving the CBI under the Iranian Transactions and Sanctions Regulations, 31 CFR part 560 (ITSR), unless exempt or authorized by OFAC.

GL 8 authorizes certain humanitarian-related transactions and activities involving the CBI prohibited by the GTSR or by the ITSR as a result of the CBI’s designation under E.O. 13224 that otherwise would have been authorized under the ITSR prior to the CBI’s designation. For example, if a U.S. person could have relied on general or specific licenses pursuant to sections 560.530(a) or (b), 560.532, or 560.533 of the ITSR to engage in certain activities prior to the CBI’s designation under E.O. 13224, GL 8 provides the additional authorization needed to engage in such activities.

Please note that GL 8 does not authorize humanitarian-related transactions involving Iranian financial institutions designated under E.O. 13224 other than the CBI. Please further note that the authorizations at sections 560.530, 560.532, and 560.533 remain otherwise applicable according to their terms. [02-27-2020]