A barter mechanism developed by France, Germany and the United Kingdom to stay onside of U.S. sanctions against Iran has generated significant interest from firms both inside and outside of Europe, but has yet to do the same with banks, sources told ACAMS moneylaundering.com.
Banks and other private firms “must do more to ensure their compliance programs are airtight” against attempts by Iran to access the global financial system, the head of the U.S. Treasury Department’s sanctions branch said Tuesday.
The near-comprehensive U.S. banking, trade and energy embargo against Iran lifted two years ago by a global nuclear accord will “snap back” into place within six months following President Donald Trump’s decision Tuesday to withdraw from the agreement.
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