The U.S. Treasury Department published final rules Monday requiring banks to freeze the assets of entities associated with Iraq insurgents or militia even when they are not on a governmental blacklist. The Iraq Stabilization and Insurgency Sanctions Regulations, administered by the department's Office of Foreign Assets Control (OFAC), require financial institutions to block accounts and transactions controlled-either directly or indirectly-by entities on the agency's list of Specially Designated Nationals. The rules formalize five executive orders issued between May 2003 and July 2007 with few changes, according to a government spokesperson, speaking on background. The executive orders target individuals who have...
Although three of the world's largest financial institutions will soon open or expand offices in Iraq, don't expect them to take on new and risky clients in the country any time soon.
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