The Iran Freedom and Counter-Proliferation Act of 2012 (IFCPA) was a U.S. federal law that aimed to counter the proliferation of weapons of mass destruction (WMD) in Iran and to promote democracy and human rights in the country. It was signed into law by President Barack Obama on January 2, 2013.
Section 1244 of the IFCPA directs the President to impose sanctions on foreign persons and entities that provide support for Iran’s energy sector or that engage in certain activities related to the production or acquisition of WMDs.
Section 1245 of the IFCPA expands the President’s authority to impose sanctions on foreign persons and entities that engage in activities that significantly contribute to the development of Iran’s nuclear, military, or ballistic missile programs.
Section 1247 of the IFCPA requires the President to report to Congress on the activities of the Government of Iran and its agencies, instrumentalities, and controlled entities that are related to the proliferation of WMDs or the development of nuclear weapons delivery systems. It also requires the President to report on the activities of foreign persons and entities that have provided support for these activities.
Difference between the IFCPA and the NYDIA
The New York Iran Divestment Act (NYIDA) is a state law that was enacted by the State of New York in 2012. It requires the New York State Comptroller to divest state pension funds from companies that do business in Iran’s energy sector or that have certain business ties to Iran. The NYIDA is similar to the Iran Freedom and Counter-Proliferation Act of 2012 (IFCPA) in that both laws aim to counter the proliferation of weapons of mass destruction (WMD) in Iran and to promote democracy and human rights in the country. However, the NYIDA applies only to the State of New York and its pension funds, while the IFCPA is a federal law that applies to the entire United States and has a broader scope, covering a wider range of activities related to Iran.
What should I search to stay compliant?
There are several lists of individuals and entities that are subject to U.S. sanctions, including those imposed under the Iran Freedom and Counter-Proliferation Act of 2012 (IFCPA). Some of these lists are maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction.
You can search for individuals and entities on OFAC’s list of Specially Designated Nationals (SDN) and Blocked Persons using the SDN List.
You can also search OFAC’s sanctions lists online using the OFAC sanctions list search tool.
Please note that these lists are constantly updated, so it is important to check the most recent version of the list before using it.
What about the source for NYDIA?
The New York State Comptroller’s Office is responsible for implementing and enforcing the New York Iran Divestment Act (NYIDA). You can find more information about the NYIDA, including the list of companies that are subject to divestment under the law, on the Comptroller’s website.
