News
House Lawmakers to Introduce Sanctions Bill Targeting Iranian Banks in March, Say Sources
By Colby Adams
printU.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. The legislation, which is currently being drafted by the chairman and ranking member of the House Foreign Affairs Committee, would target Iran's banking industry and extend the sector-based sanctions included in the 2013 National Defense Authorization Act (NDAA) to other strategic sectors of the Iranian economy, according to an individual familiar with the initiative. Passed last month and set to take effect in June, sanctions provisions of the NDAA will...
TO READ THE FULL STORY
Related News
The U.S. House of Representatives passed a measure Thursday that would give lawmakers a framework to review the Obama administration's sanctions-related nuclear agreement with Iran.
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.
As U.S. officials and bankers debate the merits and drawbacks of an expected $10 billion sanctions settlement with BNP Paribas, their French counterparts are offering a more unified response: outrage.
U.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.
The West's financial ties to Russia have given countries pause in considering further sanctions, a Roman judge dropped a money laundering case against the former head of the Vatican Bank and more, in this week's news roundup.
In announcing sanctions against Russian politicians and one bank Thursday, U.S. officials made clear that American financial institutions should prepare for more, and soon.
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.
Lawmakers should press ahead with Iran sanctions bills despite pressure to put off new restrictions while American and Iranian officials hold nuclear talks, according to David Ibsen, executive director of United Against Nuclear Iran.
Amid all of the political rhetoric and bombast that accompanied television coverage of the 16-day government shutdown last month, one question never seemed to get any airtime: what did it all mean for the financial compliance industry?
JPMorgan Chase launches AML SWAT team as the bank's legal costs mount, Turkey blacklists over 350 entities in an effort to comply with United Nations sanctions, and more, in this week's news roundup.
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.
The U.S. House Committee on Foreign Affairs approved legislation that would restrict Iran's access to its overseas assets and expand measures targeting profits derived from the country's commercial trade.
U.S. lawmakers will seek to advance a bill next week that would impose sanctions against companies that trade with Iran unless they agree to reduce their ties to the country within 180 days.
A bipartisan group of senators introduced legislation Wednesday that would bar foreign financial institutions that help Iran's central bank circumvent currency restrictions from holding correspondent accounts in the United States.
The U.S. Treasury Department's sanctions arm is gearing up to blacklist financial institutions secretly acting on behalf of Iran in an effort to bypass economic prohibitions, the agency's director said Wednesday.
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.