United States: OFAC Amends Sanctions Regulations To Implement Prohibitions On Foreign Entities Owned Or Controlled By US Persons - Clyde & Co
The United States Department of Treasury’s Office of Foreign Assets Control ("OFAC") has published a final rule amending the Iranian Transactions Sanctions Regulations ("ITSR") to implement Section 218 of the Iran Threat Reductions and Syria Human Rights Act (10 August 2012) ("ITRA") and Executive Order 13628 (9 October 2012), which, in part, impose prohibitions upon foreign subsidiaries of US companies from knowingly engaging in transactions with Iran that would be prohibited by US Persons. (Se
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United States: OFAC Issues General License Authorizing Foreign Subsidiaries Of U.S. Companies To Wind Down Transactions With Iran - Goodwin Procter LLP
On December 26, 2012, the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC") issued a general license.
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Govt outlines HSBC ties to drug money laundering
WASHINGTON -- British bank HSBC violated the Bank Secrecy Act in connection with the laundering of money from narcotics drug traffickers in Mexico and intentionally allowed prohibited transactions with Iran and other nations that have been under sanctions, the Justice Department alleged Tuesday....
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United States: Standard Chartered Bank Accused Of Prohibited Dealings With Iran - Steptoe & Johnson LLP
Standard Chartered Bank (SCB), a wholly owned subsidiary of Standard Chartered plc, a British bank, faces the possible loss of its New York banking license following accusations by the New York State Department of Financial Services (NYDFS) that the bank hid 60,000 transactions involving Iran over the course of almost a decade.
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Standard Chartered Shares Rise on Settlement
(LONDON) — Shares in Standard Chartered PLC opened 4 percent higher in London Wednesday, a day after it agreed to pay $340 million to a New York regulator to settle accusations that it hid illegal transactions with Iran and violated U.S. sanctions law. New York states’ Department of Financial Services had threatened to revoke the [...]
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