News
Lack of Resources, Turnover are the Largest Challenges for the United Nations AML Unit, Says U.N. Official
printRelated News
If talks between Iran and global powers founder, the United States will likely lobby the United Nations to blacklist at least one of two Iranian government-owned banks, say sanctions analysts.
The United Nations and World Bank are planning to tap financial intelligence units worldwide in an effort to better reclaim assets stolen by corrupt political figures and their associates.
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.
The sanctions would call for increased international scrutiny of transactions with Iran's largest banks, including their international subsidiaries, and the freezing of assets of individuals tied to the country's purported nuclear weapons program.
The sanctions put pressure on U.S. banks to conduct greater due diligence on correspondent accounts to determine if they are linked to the Middle Eastern nation. That will likely continue a trend of foreign institutions dropping business dealings with the country.
