Post by peterd on Oct 23, 2013 8:35:05 GMT -8
Violations Of Iranian Sanctions: The Role Of Multi-National Banks
Introduction
Since 1987, the United States has imposed a broad range of sanctions targeting Iran, such as financial, trade and investment sanctions that were intended to deter it from expanding its nuclear program, supporting terrorism and continuing its human rights abuses. The United Nations and the European Union, as well as other countries, have also imposed sanctions to pressure Iran to suspend the development of its nuclear program and end its support of terrorism.[1]
The U.S. government administers and enforces economic sanctions programs primarily against countries and groups of individuals such as terrorists, through either comprehensive or selective action, using the blocking of assets and trade restrictions to accomplish its foreign policy and national security goals. Unless permitted by the Office of Foreign Assets Control (OFAC) of the Treasury (ministry of finance) no U.S. person, regardless of location, may sell, supply, export, or have re-exported on their behalf any goods, technology or services to Iran or to the Government of Iran.[2]
In recent years, these economic sanctions have also been enforced against non-U.S. companies if it is determined that they have sufficient contact with the United States. The regulations represent a significant expansion of extraterritorial applications of U.S. sanctions for the non-U.S. subsidiaries of U.S. banks and businesses. Financial institutions became increasingly liable for prosecution even if there were no U.S. citizens involved in a transaction, or even if it did not take place in the U.S.[3]
The United Nations and the European Union as well as other countries have also imposed sanctions to pressure Iran to suspend the development of its nuclear program and end its support for terrorism. The United Nations Security Council has adopted several resolutions targeting Iran between 2006 and 2010.[4]
www.memri.org/report/en/0/0/0/0/0/0/7476.htm
Introduction
Since 1987, the United States has imposed a broad range of sanctions targeting Iran, such as financial, trade and investment sanctions that were intended to deter it from expanding its nuclear program, supporting terrorism and continuing its human rights abuses. The United Nations and the European Union, as well as other countries, have also imposed sanctions to pressure Iran to suspend the development of its nuclear program and end its support of terrorism.[1]
The U.S. government administers and enforces economic sanctions programs primarily against countries and groups of individuals such as terrorists, through either comprehensive or selective action, using the blocking of assets and trade restrictions to accomplish its foreign policy and national security goals. Unless permitted by the Office of Foreign Assets Control (OFAC) of the Treasury (ministry of finance) no U.S. person, regardless of location, may sell, supply, export, or have re-exported on their behalf any goods, technology or services to Iran or to the Government of Iran.[2]
In recent years, these economic sanctions have also been enforced against non-U.S. companies if it is determined that they have sufficient contact with the United States. The regulations represent a significant expansion of extraterritorial applications of U.S. sanctions for the non-U.S. subsidiaries of U.S. banks and businesses. Financial institutions became increasingly liable for prosecution even if there were no U.S. citizens involved in a transaction, or even if it did not take place in the U.S.[3]
The United Nations and the European Union as well as other countries have also imposed sanctions to pressure Iran to suspend the development of its nuclear program and end its support for terrorism. The United Nations Security Council has adopted several resolutions targeting Iran between 2006 and 2010.[4]
www.memri.org/report/en/0/0/0/0/0/0/7476.htm