Tuesday, May 1, 2012


Bankers and businessmen who evade US sanctions on Iran and Syria now risks the imposition of severe consequences, due to an Executive order signed into law today, 1 May. Entitled Prohibiting Certain Transactions, with and Suspending Entry into the United States, of Foreign Sanctions Evaders with Respect to Iran and Syria*," it imposes major sanctions on foreign nationals who facilitate the evasion of sanctions in place against Iran & Syria.

What will happen to such violators ? Read on ...

(1) Individuals and entities that are found to have facilitated sanctions evasions, or even attempts, will have their names published by the US Government. This will result in their placement upon all commercially-available high risk databases, with all the attendant negative results.

(2) US persons and entities will be prohibited from doing business with them, effectively cutting them off from the US financial and commercial marketplace.

(3) They will be barred entry into the United States.

How would you like it if your bank could not longer have correspondent relationships with US banks; it might drive your bank out of business, due to a failure to adequately service international clients. Perhaps those bankers in the Middle East who are making a fortune assisting in sanctions evasion, particularly involving Iran, may want to reconsider. Personally, I love the idea of a "name & shame" list; it will end the careers of some of those greedy souls.
*It can be found on the www.treasury.gov/ website.


No comments:

Post a Comment

Note: Only a member of this blog may post a comment.