General Licence FF-1
OFAC licence extending the wind-down period for business with a sanctioned Iraqi bank.
General Licence FF-1 gives companies until 1 December 2026 to unwind existing dealings with the sanctioned Iraq Development Bank. OFAC issued it on 29 October with no press release or guidance.
Last refreshed: 8 November 2026 · Appears in 1 active topic
Will OFAC let the Iraq Development Bank wind-down lapse on 1 December?
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OFAC issued General Licence FF-1 on 29 October 2026. It lets companies wind down existing dealings with the International Development Bank for Investment and Finance, also known as the Iraq Development Bank, until 12:01 a.m. US Eastern time on 1 December 2026.
FF-1 replaced General Licence FF, which OFAC issued on 15 October, the day it designated the bank. Treasury says the bank sends profits to Iran monthly in dollars.
The licence covers only the wind-down of existing business with the bank and any company it owns 50% or more. Any payment owed to the bank must go into a blocked account. The licence authorises no dealings with any other blocked person.
What is General Licence FF-1?
When does the Iraq Development Bank wind-down licence expire?
What replaced General Licence FF?
Why did the US sanction the Iraq Development Bank?
Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Updated 8 November 2026. Editorial standards.