U.S. officials Thursday blacklisted four Damascus banks and eight other entities under a series of executive orders targeting Syrian human rights violators and others tied to the Bashar al-Assad government.
The Senate's Foreign Relations Committee passed legislation Tuesday that would allow the White House to impose sanctions on entities that provide petroleum products or military assistance to Syria's government.
The emergence of jihadist units fighting in Syria against forces loyal to the government poses an immense challenge for banks utilizing U.S. Treasury Department licenses in the country, say sanctions experts.
It's a question few banks ever want to hear from the U.S. Treasury Department's sanctions arm: would you waive your statute of limitations protections and allow us to review more data?
After a busy year for federal sanctions officials, large banks with international footprints are increasingly instituting deeper, standalone audits of their related policies and procedures, say compliance officers and consultants.
Six months after the United States accused three Lebanon-based financial institutions of facilitating a colossal money laundering scheme, Lebanese officials and bankers say concerns about the nation's financial sector may be overblown.
The U.S. Treasury Department last year froze $77 million in assets tied to the Syrian government under sanctions against state sponsors of terrorism, according to a report published Wednesday.
As international pressure against Syria's crackdown on protesters mounts, efforts by financial institutions to identify transactions related to Syrian arms deals will likely prove fruitless, say analysts.
The U.S. House of Representatives Wednesday overwhelmingly approved bills that would restrict loans and interbank transfers of credit involving entities that facilitate Iran's petroleum and weapons trade.
Syrians chafing under U.S. sanctions against the country's largest bank are likely attempting to use Lebanese financial institutions to circumvent restrictions, according to the U.S. Treasury Department.
Caught between pressure from U.S. lawmakers to crack down harder on Iran and Syria and the desire to act in concert with America's allies, the White House is walking a fine line in its use of economic sanctions.