Sanctions against Iran: Cryptocurrency
Anyone involved in transferring money or conducting various financial transactions might run into a bit of bother due to the array of sanctions programmes out there. This includes situations where you’re dabbling with specific cryptocurrencies in Iran, believe it or not. However, it’s crucial to be clued up on all the ins and outs related to the legal use of cryptocurrency to sidestep sanctions against Iran. It’s a matter where getting proper advice is key. OFAC solicitors will provide comprehensive advice, answering your queries and helping to navigate the complexities of Iran’s sanctions and those of other countries.
How to Transfer Money From Iran with Cryptocurrency
All individuals, companies, and other organisations that are under sanctions are not allowed to carry out financial transactions using cryptocurrencies. This is because cryptocurrency is recognised as property, and sanction programmes prohibit any transactions with blocked assets. Failing to adhere to these restrictions could lead to immediate legal repercussions.
In Iran, Bitcoin (or any other cryptocurrency for that matter) is often used as a way to skirt around US banks and financial institutions. This increases the likelihood of various forms of administrative action being taken. If a fine is imposed, there’s a chance that the consequences could be ramped up if it’s found to be a deliberate attempt to dodge American sanctions. This is relevant for any company using cryptocurrency as a means to bypass international financial structures and US institutions. If it’s proven that a company has avoided checks for compliance with all sanctions, they should brace themselves for such consequences.
Before you get stuck into any dealings with property or cryptocurrency, it’s crucial to have the backing of experienced solicitors. This will enable you to find legal ways and methods to extract funds from Iran, despite all the sanctions in place.
Risks of Using Crypro Currency to Transfer Money From Iran
If you’re trying to skirt around crypto sanctions, you need to be prepared for various fines. The imposition of these fines comes after an investigation by OFAC. You can find out about the start of such an investigation through an administrative subpoena. Ignoring this subpoena or failing to respond will lead to an increase in the fine due to a refusal to cooperate with OFAC.
You’ve got to be ready for all sorts of risks, such as:
- criminal liability;
- prison sentence.
The choice of a specific punishment directly depends on the US jurisdiction that’s handling the case against a particular company, individual, or legal entity.
The total amount of fines is determined by considering the overall number of violations and the sum stipulated by law. Since each sanction regime has a specific fine amount set, which is justified by the individual’s actions and the consequences of those actions.
The imposition of fines is carried out by OFAC immediately following the conclusion of an administrative hearing. However, during the decision-making process or after a decision has been made by OFAC, it’s possible to challenge any imposed fines through legal proceedings. It’s crucial to bear in mind that the American government and courts often back OFAC’s stance. In certain instances, there might be confiscation of funds or assets in the US or abroad to secure the necessary amount for covering the imposed fines.
The US government keeps a tight rein on ensuring all fines are paid promptly. Therefore, any evasion or refusal to pay will be seen as a serious blow to the US’s sanctions policy.
Wire Transfer Investigation
Sending money to Iran from the US is dounting task these days. That’s because the Office of Foreign Assets Control (OFAC) is in charge of banking investigations. They start investigation the moment they spot the first sign of trouble or even the slightest suspicion that a transaction doesn’t meet all the current requirements. This applies to all bank transfers, whether they’re within the US or coming from it. If they find even minor deviations from the rules or if anyone involved in the transaction is on the SDN list, OFAC will kick off an investigation into the transfer.
Every suspect needs to be ready for a specific set of questions from OFAC. More often than not, these questions are related to all the nuances, details, and peculiarities of the money transfer within the specified period. Moreover, the transfer can be blocked (the other party won’t be able to receive the funds) until all the circumstances of the case are fully clarified.
Taking into account OFAC sanctions and fines, it’s advisable not to shy away from taking action and to actively cooperate with the bank. To do this, you need to provide all the required information upon the bank’s request in order to unblock your funds.
The Office of Foreign Assets Control (OFAC) pays particular attention to all the money transfers conducted through Wire Transfer. Nowadays, it’s one of the most common types of international bank transfers, allowing for the use of various currencies. Given its popularity, Wire Transfer is subject to thorough scrutiny because a vast number of individuals and legal entities utilise this system.
Contact OFAC Sanctions Lawyer
If you’re having issues with transferring funds or carrying out various financial transactions, our team of sanctions lawyers is here to help sort it all out for you.
Our solicitors have a huge experience in dealing with matters related to sanctions and cryptocurrency, ready to offer a variety of effective solutions for issues of any complexity. Give us a call to get legal support and advise on Imoney transfer matters!
