Featured Iran

Global Terror-Finance Watchdog Set to Sanction Iran

A global terror-finance watchdog agency is set to blacklist Iran, broadening a U.S. effort to isolate Tehran financially and potentially strain the already sanctions-battered Iranian economy. Iran’s blacklisting by the Paris-based Financial Action Task Force is expected to take place Friday and come after European governments decided to join the… Read More

Huawei accuses U.S. of overlooking HSBC misconduct to go after Chinese firm

U.S. prosecutors overlooked apparent violations of U.S. sanctions against Iran by HSBC Holdings in exchange for the British bank’s cooperation with a government investigation of Huawei Technologies, lawyers for the Chinese telecoms giant said. “The government agreed to overlook HSBC’s continued misconduct, electing not to punish the bank, prosecute its… Read More

Irregularities Found at Pakistan’s Top Bank After U.S. Sanction

A Middle East operation of Pakistan’s largest bank displayed “significant irregularities” in dealings with politically exposed clients and screening some transactions, according to an inspection by the South Asian nation’s central bank that took place more than a year after the lender was shut out of the U.S. financial system. Read More
14th February 2020
Bahrain launched legal proceedings on Thursday against a number of individuals and businesses involved in a vast money laundering scheme linked to state-owned Iranian banks. The operation allowed Iranian organizations, including some sanctioned for terror financing, to secretly move money internationally, the Kingdom’s prosecutors said. Billions of dollars were funneled… Read More
14th February 2020
Federal prosecutors have hit Chinese telecom equipment manufacturer Huawei with new charges in a superseding indictment unsealed Thursday, which details the company’s alleged illegal behavior in Iran and North Korea. Prosecutors in Brooklyn, New York, alleged that Huawei set up a shell company in Iran so that the subsidiary could… Read More
13th February 2020
AP — The United States has granted Iraq a 45-day sanctions waiver enabling the country to continue importing vital Iranian gas and electricity supplies. In a statement Wednesday, the U.S. State Department said the waiver “ensures that Iraq is able to meet its short-term energy needs while it takes steps… Read More
7th February 2020
The Financial Action Task Force (FATF) is notionally a technical body that sets standards and promotes effective implementation of legal, regulatory and operational measures for combating financial crime threats to the integrity of the international financial system. As well as setting standards it also conducts periodic reviews of countries’… Read More
7th February 2020
Commissioned and undertaken jointly by the think tank Royal United Services Institute (RUSI) and ACAMS in partnership with YouGov, the survey, based on 366 unique responses from across the global financial industry, shows that international banks are leading efforts in counter-proliferation finance, with local and national banks at greater risk… Read More
6th February 2020
Britain’s Metro Bank has hired a law firm to help it investigate payments routed through the bank that breached U.S. sanctions, a regulatory filing showed. One Metro bank customer was subject to U.S. sanctions on Cuba, while another received payments from Iran, the bank said. The Evening Standard newspaper reported… Read More
4th February 2020
A federal appeals court granted a temporary halt in the U.S. prosecution of Turkish lender Halkbank over sanctions violation charges while it weighs other requests by the bank. Halkbank had previously sought to pursue a dismissal of the case without entering a plea on the charges. A judge denied… Read More
31st January 2020
By every measure, US sanctions are devastating Iran’s economy. The value of the rial has plummeted by half since 2018, when President Trump began dismantling the nuclear deal and reimposing embargoes. Food prices are spiralling, and the country’s foreign currency reserves have been slashed by a fifth since 2013. Read More
30th January 2020
On December 12th of last year, OFAC issued a Finding of Violation (“Finding”) to Aero Sky Aircraft Maintenance, Inc. (“Aero Sky”) for two apparent violations of the Global Terrorism Sanctions Regulations (GTSR). At the time of OFAC’s action, Aero Sky was no longer in business. However, OFAC noted in… Read More
28th January 2020
President Hassan Rouhani said on Monday Iran should stick to rules set by an anti-money laundering watchdog to protect ties between the sanctions-hit country and international banks, as a deadline for compliance looms. Hit hard by reimposed U.S. sanctions since 2018 that limited its oil sales, Iran is scrambling for… Read More