Recent European court decisions against the designations of Iranian banks and other companies are threatening the efficacy of international sanctions, a U.S. Treasury Department official said Monday. In November, the European Court of Justice invalidated the 28-nation bloc's designations of two companies blacklisted for their alleged involvement with Iran's nuclear program. The decision came two months after an EU court in Brussels lifted asset freezes against seven Iranian companies, including four banks, on the grounds that the evidence used to justify the measures was insufficient and that the government refused to disclose evidence. The judgments, which include reversals of U.N....
The U.S. Treasury Department's top financial intelligence official made his case to lawmakers Wednesday for a four percent budget increase to better administer sanctions against entities linked to illicit finance.
James H. Freis, the director of the U.S. financial intelligence unit, was dismissed Thursday, ending a 5-year tenure that oversaw the drafting of the toughest anti-money laundering regulations since the passage of the U.S. Patriot Act.
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