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Client Alert: OFAC Issues Guidance Regarding Joint Comprehensive Plan of Action

We refer to our client alert of August 4, 2015 and wish to advise that the Office of Foreign Asset Control (“OFAC”) has now issued a Guidance on the continuation of limited sanctions relief under the Joint plan of Action (“JPOA”) pending Implementation Day of the Joint Comprehensive Plan of Action (“JCPOA”) agreed by the P5+1 countries and Iran.

OFAC has also issued Frequently Asked Questions (“FAQ”)

These OFAC notices confirm that the limited sanctions relief afforded by the JPOA will continue until Implementation Day of the JCPOA, at which time further sanctions relief will come into effect.