Three of the world's largest financial institutions will soon open or expand offices in Iraq, but do not expect them to take on new, high-risk clients there any time soon. On the heels of billions of dollars in investments by Royal Dutch Shell, British Petroleum and other oil firms, JPMorgan Chase signed a one-year agreement this month with the Trade Bank of Iraq to ramp up trade financing after Citigroup revealed plans in June to open a representative office in Baghdad to coordinate lending activities. The announcements follow news that London-based Standard Chartered will establish wholesale banking branches in Erbil,...
The U.S. Treasury Department Thursday lifted sanctions on a British resident whose conviction over 20 years ago on charges of attempting to transport nuclear triggers was quashed in 1994 by an English court.
The U.S. Treasury Department published final rules Monday requiring banks to freeze the assets of entities associated with Iraq insurgents or militia even when they are not on a governmental blacklist.
The U.N. Security Council voted a third round of sanctions against Iran over its alleged ambitions to develop nuclear weapons. Fourteen of the 15 members of the Security Council supported a measure calling for tighter monitoring of Iranian financial institutions, travel bans, and cargo inspections.
An executive order, issued by President Bush on July 17, requires U.S. financial institutions to block, or freeze, the transactions of people or organizations that commit or "pose a significant risk of committing" a violent act intended to undermine Iraqi stability.