Imposition of Fifth Special Measure against the Islamic Republic of Iran as a Jurisdiction of Primary Money Laundering Concern

On October 24, 2019, FinCEN issued a final rule under the authority of section 5318A of title 31, United States Code, to impose a special measure with respect to the Islamic Republic of Iran as a jurisdiction of primary money laundering concern. FinCEN determined that Iran is a jurisdiction of primary money laundering concern, and that the imposition of the special measure selected--prohibiting domestic financial institutions from maintaining foreign correspondent accounts with Iranian banking institutions--is a necessary step to ensure that Iran is not able to access the U.S. financial system in connection to its terrorist financing or weapons proliferation efforts, or money laundering, or for any other criminal purpose.

The latest form for Imposition of Fifth Special Measure against the Islamic Republic of Iran as a Jurisdiction of Primary Money Laundering Concern expires 2023-05-31 and can be found here.