On August 13, HM Treasury published a letter that it received from the U.S. Department of the Treasury relating to the Office of Foreign Assets Control's (OFAC) Iran sanctions regulations. Letter.

The letter was sent in response to a request by HM Treasury for clarification about the sanctions regulations and how they apply to international payments, specifically the obligations of foreign banks operating in the US before and after 2008 in respect of transactions involving Iranian counterparties.