Citing List of Banks Aiding Iran, Lawmaker Calls for Tougher CISADA Enforcement

By Colby Adams

The United States should more frequently blacklist foreign financial institutions that flout American sanctions barring Iranian oil sales, a lawmaker said Tuesday. In a hearing, members of the Senate Banking Committee widely praised the department's disclosure this morning of designations against a network of Iranian front companies, but questioned its alleged reticence to designate foreign banks processing transactions involving Iranian oil sales. Under the 2010 Comprehensive Iran Sanctions Accountability and Divestment Act (CISADA), the White House can bar non-U.S. banks from holding correspondent accounts with their American counterparts. U.S. banks must also require their foreign correspondents to report if they...