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Alerts
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OFAC Revokes Iran’s ‘U-Turn’ License
November 13, 2008
On Nov. 6, 2008, the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of Treasury revoked its “U-Turn” license authorizing certain funds transfers involving Iran, further restricting Iran’s access to the U.S. financial system. This action became effective upon its publication in the Federal Register on Nov. 10.
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