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.
A U.S. official's threat last month of economic sanctions against four Chinese banks is likely to be toothless given economic and enforcement hurdles, say sanctions analysts.
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 head of the U.S. Senate Banking Committee will soon introduce a bill to broaden sanctions against financial institutions and other businesses tied to Iran and the country's nuclear ambitions.
Iran's decision to cooperate with the U.N.'s nuclear agency is a sign that the country could be prepared to make concessions to avoid further economic sanctions, say analysts.
Compliance officers at some of the world's largest financial institutions are concluding they need to create sanctions-specific programs to avoid regulatory penalties and tarnished reputations, according to a Deloitte survey released Monday.
New York state prosecutors charged a blacklisted Chinese metals dealer Tuesday with illegally circumventing U.S. economic sanctions through shell companies to utilize Manhattan banks.
The president of a New York-based charity under investigation for ties to a blacklisted Iranian bank was arrested Friday after allegedly trying to destroy evidentiary documents he was ordered to produce.
Government authorities Wednesday sued to seize tens of millions of dollars in assets from a New York management company they say acted as a front for a blacklisted Iranian bank.
The U.S. Treasury Department sanctioned Future Bank B.S.C. Wednesday for purportedly helping Iran and Bank Melli, an Iranian government owned bank also sanctioned by the United States, try to advance Iran's internationally condemned nuclear weapons program.
As more mainstream banking channels are closed off to Iran, its businesses have turned to smaller, more obscure financial providers beyond the reach of U.S. jurisdiction and influence. That has resulted in higher compliance costs for financial institutions with a presence in the United States.
The Paris-based Financial Action Task Force (FATF) said Thursday that the global financial community should regard transactions involving Iran, Uzbekistan, Pakistan, Turkmenistan, Northern Cyprus and São Tomé and Príncipe as high risks for money laundering.
Economic sanctions targeting Iran for its pursuit of nuclear weapons might not be achieving U.S. objectives and should be reconsidered, the U.S. Government Accountability Office said in an audit report.
The sanctions are part of a "comprehensive" drive by the U.S. to increase pressure on Iran, said Secretary of State Condoleeza Rice. That effort has been frustrated by the hesitation of the United Nations and international community in following the U.S.
The designation would officially block all or part of Iran's 125,000-strong Revolutionary Guard Corps, the country's elite military unit, from dealing with U.S. financial institutions.