General Licence FF
OFAC licence allowing wind-down of dealings with Iraq Development Bank until 30 October 2026.
OFAC issued General Licence FF on 15 October 2026, the day it designated Baghdad's International Development Bank for Investment and Finance, giving counterparties until 30 October to wind down dealings with the bank.
Last refreshed: 18 October 2026
Timeline for General Licence FF
US blacklists an Iraqi bank over Iran
Iran Conflict 2026Background
OFAC issued General Licence FF on 15 October 2026, the day it blacklisted the Iraq Development Bank in Baghdad. Treasury says the bank sends profits to Iran each month in dollars.
Issued under the Iranian Transactions and Sanctions Regulations (31 CFR part 560), the licence authorises transactions "ordinarily incident and necessary" to winding down deals with the bank, or any entity it owns 50% or more of, until 12:01 a.m. EDT on 30 October 2026. Payments to a blocked person must go into a blocked account.
The licence gives Iraqi counterparties two weeks to exit. OFAC issued no successor to its lapsed safety licence for ships in the same period.
What does OFAC General Licence FF allow?
When does General Licence FF expire?
Which bank does General Licence FF cover?
Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Updated 18 October 2026. Editorial standards.