OFAC issues wind-down license for designated development bank
Politics
Thursday, October 29, 2026
- Updated Oct 29, 2026 14:50
The Treasury's Office of Foreign Assets Control issued Iran General License FF-1 on Thursday, authorizing the wind down of transactions involving the International Development Bank for Investment and Finance, also known as Iraq Development Bank, through 12:01 a.m. eastern standard time on December 1, 2026.
Why it matters: The amended license replaces the October 15 license in full and gives banks and counterparties a defined window, ending December 1, to unwind dealings with the designated bank, with any payment to a blocked person required to go into a blocked account.
Data as of Update 2026-10-29T14:50:27-04:00: OFAC's October 29, 2026 recent-actions page and the text of Iran General License FF-1 itself, both read in full in this run. The license is dated October 29, 2026, replaces General License FF of October 15, 2026 in its entirety, and is the only action on the page: no designations or SDN list changes accompany it. Developing item.
The Office of Foreign Assets Control issued Iran General License FF-1 on Thursday, authorizing transactions ordinarily incident and necessary to the wind down of dealings involving the International Development Bank for Investment and Finance, also known as Iraq Development Bank, and any entity it owns, directly or indirectly, by 50 percent or more. The authorization runs through 12:01 a.m. eastern standard time on December 1, 2026, and any payment to a blocked person under it must be made into a blocked account.
The license is an amendment in form as well as name: effective October 29, it replaces and supersedes General License FF, dated October 15, 2026, in its entirety. It authorizes nothing beyond the wind down, and transactions involving any other person blocked under the Iranian Transactions and Sanctions Regulations remain prohibited unless separately authorized. The issuance is the only action on OFAC’s October 29 page, with no new designations attached.
Sources
- Issuance of Amended Iran-related General License, with Iran General License FF-1 - Office of Foreign Assets Control, US Treasury - 2026-10-29
- Iran Sanctions program page, listing Iran General License FF-1 (October 29, 2026) - Office of Foreign Assets Control, US Treasury - 2026-10-29