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Exporter Used U.S. Banks to Accept Iran’s Payment for Banned Goods: Prosecutors
printU.S. officials Tuesday charged a blacklisted Chinese national with using shell companies to maintain accounts at American banks and offered five million dollars for information on his whereabouts. In a complaint, the U.S. Attorney for the Southern District of New York accused Li Fangwei, also known as Karl Lee, of violating sanctions on Iran, conspiring to launder money and committing bank and wire fraud. The U.S. Treasury Department blacklisted Li in 2009, three years after designating a China-based industrial company he controlled, LIMMT Economic and Trade Company, Ltd. for allegedly selling material utilized in Iran's weapons programs. Far from deterring...
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The expected reemergence of Iran on global markets will likely pose the toughest challenge for sanctions compliance officers in the coming year, according to Alexandre Lamy, an attorney with Baker & McKenzie's International Trade Practice Group.
American elections, EU court decisions and a potential wind-down of negotiations with Iran are complicating efforts by the United States and Europe to maintain uniformity in sanctions enforcement, say analysts.
The House Committee on Foreign Affairs Thursday unanimously approved a measure that would penalize foreign banks that offer financial services to Hezbollah, an Iran-backed, Lebanon-based Shiite militant group.
The financial clearing subsidiary of Deutsche Börse AG will pay the U.S. Treasury Department's sanctions enforcer $152 million for holding money in New York-based accounts on behalf of Iran's central bank.
As early as Monday, banks will be able to do what has become seemingly unthinkable in the sanctions compliance field during recent years: ramp up their ties to Iran.
The chairman of a Senate committee vowed Thursday to block additional sanctions against Iran in an effort to protect last month's multilateral accord to suspend portions of the country's nuclear program.
Western financial institutions won't radically amend their sanctions controls in response to an agreement to limit Iran's nuclear program in exchange for a relaxation of banking restrictions, say former officials.
Despite tightened controls on interbank messaging, some bankers looking to hide the role of their blacklisted clients in international wires need only type a single key on their keyboard, according to experts.
Federal officials will weigh whether financial institutions can bank medical marijuana shops, New York's financial regulators asks two financial consultancies for data and more, in this week's news roundup.
Germany's BaFin is reportedly investigating potential AML violations by Deutsche Bank, a U.K. court could order the British government to pay millions to compensate a blacklisted Iranian bank, and more, in this midweek roundup.
The U.S. House of Representatives Wednesday approved legislation that would limit White House-granted waivers to nations that purchase oil from Iran under a 2011 sanctions law.
Growing economic and political ties between Argentina and Iran are prompting some bank compliance officers to look more closely at their clients in the South American nation, say industry professionals.
The OECD says Portugal needs to better enforce its anti-bribery laws, the U.S. Treasury Department voices concerns about Iranian investments in Georgia, and more, in this week's news roundup.
The United States should more frequently blacklist foreign financial institutions that flout American sanctions barring Iranian oil sales, a lawmaker said Tuesday.
The White House Monday approved new powers to stifle the use of Iran's currency, impose financial restrictions on the country's automotive sector and blacklist those who support U.S. sanctions designees.
High-profile sanctions cases are spurring large banks and third-party software vendors to improve how they identify when counterparts and clients secretly act on behalf of blacklisted entities, say compliance experts.
Midweek Roundup: Switzerland to Limit Cash Payments, Horse Meat Sales Linked to Laundering, and More
Switzerland's Federal Council says it may limit cash purchases of property, jewelry and other assets, Iran appeals European Union sanctions imposed in March, and more, in this midweek roundup.
U.S. House lawmakers are working to introduce a new round of comprehensive sanctions against Iran by March in an effort to curtail the country's alleged nuclear weapons program, say sources.
New economic sanctions against Iran are expected to shine more daylight on foreign banks processing certain commodities payments or maintaining accounts for individuals and companies blacklisted by the United States.
EU sanctions imposed against Iran earlier this month will likely further sever the Persian nation's few remaining ties to the continent's financial sector, including trade finance deals, say industry consultants.