If you’re a U.S. company — unless you’re a food, medicine/medical supplies, or civil aircraft/parts supplier — you still cannot have anything to do with Iran, even after the so-called lifting of sanctions as part of the nuclear accord known as the Joint Comprehensive Plan of Action.… Continue Reading
Posts Tagged: Iran
The U.S. Treasury Department’s Office of Foreign Assets Control imposed new sanctions Sunday against eleven people and companies allegedly involved in Iran’s ballistic missile program. The action came one day after President Obama lifted sanctions on Iran’s nuclear program and hours after a prisoner swap between Washington and Tehran.… Continue Reading
Federal and New York authorities said Wednesday that Deutsche Bank will pay $258 million and fire six senior employees to resolve investigations into thousands of illegal transactions with customers in Iran, Libya, Syria, Myanmar, and Sudan.… Continue Reading
French bank Crédit Agricole will pay $787 million and hire an independent monitor after violating U.S. sanctions against Sudan, Iran, Myanmar, and Cuba between 2003 and 2008.
The bank will also fire a managing director involved in the violations of U.S.… Continue Reading
The Treasury Department’s Office of Foreign Assets Control won’t impose more fines on Schlumberger for “knowingly and willfully” violating the Iran and Sudan sanctions.
In March, a unit of Paris-based Schlumberger Ltd.… Continue Reading
Statement Relating to the July 14, 2015 Announcement of a Joint Comprehensive Plan of Action Regarding the Islamic Republic of Iran’s Nuclear Program:
On July 14, 2015, the P5 + 1 and Iran reached a Joint Comprehensive Plan of Action (JCPOA) to ensure that Iran’s nuclear program will be exclusively peaceful.… Continue Reading
We are perhaps six weeks away from a deal which would open up a country shunned for nearly four decades.
It is a stable country in a highly unstable region. One with a highly educated but underemployed population, where there are untapped and almost unlimited oil, gas, chromium, copper, iron, lead, and zinc reserves; where the national airline has not bought a new aircraft in 37 years, and where every aspect of infrastructure requires renewal.… Continue Reading
Last week OFAC — the Office of Foreign Assets Control — issued its 23rd report to congress detailing blocked assets in the U.S. belonging to terrorist organizations and state sponsors of terrorism.… Continue Reading
Paris-based BNP Paribas S.A. was sentenced Friday for processing billions of dollars of transactions through the U.S. financial system on behalf of Sudanese, Iranian and Cuban entities subject to U.S. economic sanctions. … Continue Reading
PayPal will pay $7.7 million to settle charges by the U.S. Treasury Department’s Office of Foreign Assets Control that it violated trade sanctions against Iran, Sudan, and Cuba.
EBay owns PayPal but plans to spin off the electronic payments firm sometime this year.… Continue Reading
The DOJ and Commerce Department said Wednesday a unit of Paris-based Schlumberger Ltd. has agreed to plead guilty and pay a $232.7 million penalty for conspiracy to violate trade sanctions with Iran and Sudan.… Continue Reading
The U.S. Treasury Department’s Financial Crimes Enforcement Network sets risk-based compliance obligations of U.S. financial institutions. FinCEN directs counter-measures against the countries with the highest risk and enhanced due diligence against others.… Continue Reading