Featured Iran

Formations House: British firm ‘aided blacklisted Iranian oil arm into secret tax haven’

A British company helped move a key subsidiary of the Iranian state-owned oil company to a secretive tax haven, despite it being on an international sanctions list. The London-based company agent Formations House agreed to help find a new base for Naftiran Intertrade Co (Nico), the international trading arm of… Read More

Panama Papers-style leak — and a Miami arrest — lift veil on how Iran ducks sanctions

Take the arrest of an Iranian-born Turkish citizen during a jaunt to Disney World. Factor in the irrepressible Rudy Giuliani, who briefly served as the arrested man’s lawyer. Add a dash of Turkey’s authoritarian leader, Recep Erdogan, a favorite of President Donald Trump. Mix in a massive leak of more… Read More

U.S. assures banks on dollar dealings with China’s COSCO hit by Iran sanctions

The Trump administration assured U.S. banks on Wednesday that they can temporarily process U.S. dollar transactions on a Dalian unit of China’s biggest shipping company COSCO that Washington had imposed sanctions on over suspicions it transported oil from Iran. The United States’ sanctions on Sept. 25 pushed global freight costs… Read More
28th November 2019
French Foreign Minister Jean-Yves Le Drian on Wednesday raised the possibility of triggering a mechanism in the 2015 Iran nuclear deal that could lead to the reimposition of UN sanctions. Le Drian’s comments, to the National Assembly’s foreign affairs committee, came against a background of Iranian moves to disregard elements… Read More
26th November 2019
President Donald Trump told the Treasury Department and Justice Department to look into the impact of U.S. sanctions on a Turkish state-owned bank after being lobbied by Turkey’s president, a Treasury official acknowledged in a letter last week to a top Democratic senator. The letter, sent in response to… Read More
20th November 2019
Five years after agreeing to pay a record fine for sanctions violations, BNP Paribas S.A. has made structural changes to its compliance division—an effort to strengthen the independence of the bank’s compliance function and improve ethical culture. The efforts have included setting compliance as an independent function that… Read More
18th November 2019
President Trump’s increasing reliance on economic sanctions to solve foreign policy problems is fueling concern that the United States is abusing its financial power and prompting some governments to seek ways to evade American measures. In recent months, the United States has increased pressure on Iran and Venezuela, dangled the… Read More
13th November 2019
Europe’s threat to trigger a mechanism that could reimpose United Nations sanctions on Iran marks a significant breakdown in diplomacy to try to save the 2015 nuclear deal and could presage its death knell, diplomats say. Britain, France and Germany have sought to salvage the pact, under which Iran undertook… Read More
13th November 2019
Altair Engineering Inc. may have violated U.S. economic sanctions and export control regulations, the company said in a regulatory filing. The Troy, Mich.-based engineering software company said it discovered the possible violations in May and disclosed them to regulators, according to the company’s latest quarterly financial report, which was… Read More
6th November 2019
A lawyer for a Turkish bank accused by the U.S. of aiding an Iranian scheme to evade economic sanctions appeared in a New York courtroom for the first time on Tuesday and said the bank continued to dispute the U.S.’s legal authority over it and planned to seek dismissal of… Read More
5th November 2019
The United States on Monday imposed sanctions on nine people close to Iran’s Supreme Leader Ayatollah Ali Khamenei, including his chief of staff, one of his sons and the head of the judiciary. Coinciding with the 40th anniversary of Iran’s seizure of the U.S. embassy in Tehran, the U.S. Treasury… Read More
31st October 2019
Saudi Arabia, Qatar and five other Gulf nations joined the U.S. in imposing sanctions on a financing network controlled by Iran’s military and several men linked to the Tehran-backed Lebanese group Hezbollah. Top U.S. Treasury Department officials said the action is the largest ever by the Riyadh-based Terrorist Financing… Read More
29th October 2019
Treasury Secretary Steven Mnuchin said on Monday the United States would increase economic pressure on Iran over its nuclear program, making the pledge during a Middle East trip that includes visits to U.S. allies Israel and Saudi Arabia. Sanctions reimposed on Tehran by President Donald Trump after he withdrew the… Read More