House lawmakers on Thursday criticized the U.S. Treasury Department's apparent reluctance to ban the provision of dollar accounts to European and Asian banks they say are likely serving blacklisted Iranians. Last month, the department's Office of Foreign Assets Control (OFAC) authorized the release of over $50 billion in Iranian oil proceeds locked up in overseas accounts and revoked the designations of over 400 individuals and entities linked to the country's nuclear program, in accordance with U.S. commitments under the Joint Comprehensive Plan of Action. While the steps permit foreign financial institutions to transact with roughly half of the formerly blacklisted...
Iran's recent steps to bolster its controls against money laundering and terrorist financing have resulted in few returns from wary global financial institutions, the country's top banking regulator said Friday.
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