Office of Foreign Assets Control - Specially Designated Nationals List
Entity Details for IRAN ZAMIN BANK
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|BANK-E IRAN ZAMIN
Seyyed Jamal-oldin Asadabadi St.
Corner of 68th St., No. 472
Did you Know...
How long has OFAC been around?
The Treasury Department has a long history of dealing with sanctions. Dating back prior to the War of 1812, Secretary of the
Treasury Gallatin administered sanctions imposed against Great Britain for the harassment of American sailors. During the Civil
War, Congress approved a law which prohibited transactions with the Confederacy, called for the forfeiture of goods involved in
such transactions, and provided a licensing regime under rules and regulations administered by Treasury.
OFAC is the successor to the Office of Foreign Funds Control (the "FFC''), which was established at the advent of World War II
following the German invasion of Norway in 1940. The FFC program was administered by the Secretary of the Treasury throughout
the war. The FFC's initial purpose was to prevent Nazi use of the occupied countries' holdings of foreign exchange and
securities and to prevent forced repatriation of funds belonging to nationals of those countries. These controls were later
extended to protect assets of other invaded countries. After the United States formally entered World War II, the FFC played a
leading role in economic warfare against the Axis powers by blocking enemy assets and prohibiting foreign trade and financial
OFAC itself was formally created in December 1950, following the entry of China into the Korean War, when President Truman
declared a national emergency and blocked all Chinese and North Korean assets subject to U.S. jurisdiction.
from the treasury.gov faq
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