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Vagueness of Latest Iran Sanctions Law Leaves Banks Guessing About Next Steps
By Colby Adams
printU.S. and foreign banks are awaiting official guidance on how to adhere to a new American sanctions law against the Central Bank of Iran before implementing its screening procedures. Provisions included within a $662 billion defense budget bill and signed into law by President Obama on New Year's Eve would allow the White House to block foreign banks that "knowingly" facilitate the purchase of oil through the Central Bank of Iran (CBI) from the U.S. financial system. In a statement attached to the bill, Mr. Obama said that any of the central bank measures that "interfere with [his] constitutional authority...
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