The U.K.'s latest economic sanctions against Iran will likely cost banks proceeds from dropped trade finance deals in addition to new compliance expenses, according to attorneys and officials at British financial institutions. Britain's HM Treasury issued the sanctions Nov. 21, barring U.K. financial institutions from dealing with any Iranian bank, including the country's central bank. The sanctions, which have severely strained diplomatic relations between Iran and the United Kingdom, ordered banks to suspend blacklisted transfers within six days. Since then, the European Union has stepped up its own sanctions against Iran, adding another 180 individuals and businesses to its sanctions...
U.K. financial regulators will likely only get tougher on British banks that violate anti-money laundering laws in the coming year, possibly going so far as to prosecute individuals, according to Jonathan Fisher QC, a London-based barrister.
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.
American sanctions enforcers will "primarily" focus in coming months on blacklisting Chinese firms that buy and resell defense industry or dual-use goods to Iran, a U.S. Justice Department official said Wednesday.
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.
U.S. senators Monday approved a reconciled defense appropriations bill that would sanction Iran's central bank, making only a single nod to White House concerns that the bill would displease trade partners.
The U.S. Treasury Department Monday proposed designating Iran as a "primary money laundering concern" and requiring banks to end correspondent relationships with foreign institutions that transact for Iranians.