A senior U.S. official has signaled that a legal power typically used against foreign banks and nations that allegedly handle criminal and terrorist funds may soon be deployed against more-unorthodox targets: certain types of transactions and financial relationships.
The Financial Crimes Enforcement Network issued a final rule under Section 311 of the USA PATRIOT Act finding that Iran is a jurisdiction of "primary money laundering concern" and prohibiting the opening or maintaining of correspondent accounts in the U.S. for Iranian financial institutions.
October 25, 2019