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How do American Bankers spell Trouble?
I-R-A-N…..
FROM A
DIFFERENT POINT OF VIEW by Monte Friesner
29 September 2010
Here is the major barrier; bankers in the United States are now faced with a dilemma.
How do they fully comply with the new Iranian sanctions when they do not have the necessary tools?
By that, I mean the complete list of all foreign banks, financial institutions, and NBFIs who themselves have correspondent relationships with Iranian banks and NBFIs. Also, how do they identify, and then bar, the long list of foreign companies who do business with Iran, and act as either proxies, or intermediaries, for their Iranian clients?
Given the current strong US Government position on Iran, there appears to be little or no room for error. Frankly, I would not want to be at a bank charged by the United States Attorney General with providing material support to terrorism.
* Why is this information not currently available from the US Government?
- * Correspondent relationships with Iran on the part of foreign banks, alone, may not be sufficient reason to impose OFAC sanctions, under Treasury guidelines.
- * There may be insufficient evidence to prove that specific foreign commercial entities that trade with Iran are acting as intermediaries, and therefore, no sanctions
could lie there either.
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