Tag Archives: Iran

UK’s Office of Financial Sanctions Implementation (OFSI) Updates Financial Sanctions

OFSI, part of the HM Treasury, working toward ensuring that financial sanctions are properly implemented and enforced in the UK, has updated numerous financial sanctions that are currently in force. The recent updates are for financial sanctions in the following regions and industries: ISIL/Da’esh and Al-Qaida Organizations Nicaragua Venezuela Central African Republic Ukraine – Sovereignty and Territorial Integrity Syria Libya … Continue Reading

Department of the Treasury Issues Iran-related Designations

On October 16, 2018, OFAC announced sanctions “against a vast network of businesses providing financial support to the Basij Resistance Force (Basij), a parliamentary force subordinate to Iran’s Revolutionary Guard Corps (IRGC).” According to OFAC, the Basij militia recruits, trains and deploys child soldiers to fight in IRGC conflicts across the region. Bonyad Taavon Basij, an Iran-based network, is comprised of … Continue Reading

OFAC and JPMorgan Chase Bank Agree on Settlement

On October 5, 2018, the US Department of the Treasury, Office of Foreign Assets Control (OFAC) announced an agreement with JPMorgan Chase Bank, N.A. (JPMC) to settle potential civil liability arising from 87 apparent violations of the Cuban Assets Control Regulations, the Iranian Transactions and Sanctions Regulations, and the Weapons of Mass Destruction Proliferators Sanctions Regulations. According to OFAC, “the transactions … Continue Reading

EU Amends the Blocking Regulations to Counter US Sanctions Against Iran

The amended EU Blocking Regulation entered into force on August 8. The amendment extended the scope of US sanctions against Iran with which EU citizens or entities must not comply. In addition to the updated EU Blocking Regulation, the European Commission issued: Guidance Note — Questions and Answers: adoption of update of the Blocking Statute Commission Implementing Regulation (EU) … Continue Reading

OFAC Releases CAATSA Reports to Congressional Committees

On 29 January 2018, OFAC announced that it released five reports to Congressional Committees pursuant to the Countering America’s Adversaries Through Sanctions Act of 2017 (CAATSA). The reports include (1) Section 241: Report on Senior Foreign Political Figures and Oligarchs in the Russian Federation; (2) Section 104(e): Report on Contributions to Iran’s Ballistic Missile Program; … Continue Reading

OFAC Announces New Iran-Related Designations

On 4 January 2018, OFAC designated five Iran-based entities “subordinate to a key element of Iran’s ballistic missile program”. OFAC designated these entities pursuant to EO 13382 for being owned or controlled by Iran’s Shahid Bakeri Industrial Group (SBIG). The SBIG is listed in the Annex to EO 13382 and is currently sanctioned by the … Continue Reading

Trump Administration Announces Extension of Waivers of Iran Sanctions

In a statement issued 12 January 2018, President Trump announced that his administration was extending the waivers of certain secondary sanctions against Iran originally adopted on implementation of the Joint Comprehensive Plan of Action agreement (JCPOA) on Iran’s nuclear program. Trump stated that the move not to reinstate sanctions against Iran is to allow for … Continue Reading

Changes to the US’ Iran Policy and Additional Non-Nuclear Iran-related Designations

On 13 October, President Trump announced the results of his administration’s review of the US’ Iran policy, indicating at the same time that he would not “certify” to Iran’s compliance with the Joint Comprehensive Plan of Action (JCPOA) agreement. Since President Trump took office, he has “certified” to Iran’s compliance twice, so this is the first time that he did … Continue Reading

HMRC Publishes Advisory Notice on Money Laundering and Terrorist Financing Controls in Overseas Jurisdictions

On 23 June 2017, the Financial Action Task Force (FATF) published information identifying jurisdictions with deficiencies in their antimoney laundering and counter-terrorist financing regimes. In response to this published information by the FATF, in its advisory notice, HM Treasury advises firms to consider North Korea and Iran as high-risk jurisdictions for the purposes of the Money Laundering Regulations 2007, and … Continue Reading

US Congress Proposes New Iran Sanctions Legislation

On 25 May, the Senate Foreign Relations Committee voted 18-3 to pass S. 722, the Countering Iran’s Destabilizing Activities Act of 2017 (CIDA Act). If enacted, the CIDA Act would create new sanctions against Iran with respect to ballistic missiles and the sale of prohibited arms. The sanctions measures in the CIDA Act are ostensibly … Continue Reading

US Sanctions Persons Connected to Iran’s Ballistic Missile Programme

On 17 May 2017, the US Treasury Department’s Office of Foreign Assets Control (OFAC) designated for sanctions seven persons connected to Iran’s ballistic missile programme. Among those targeted by the sanctions are two senior Iranian defense officials, including the Deputy Director for Commerce of Iran’s Defense Industries Organization, Morteza Farasatpour. Farasatpour was responsible for coordinating … Continue Reading

European Court of Justice Judgment on Damages for Unlawful European Union Sanctions Listing

On 30 May, the European Court of Justice handed down its judgment in an appeal brought by Safa Nicu Sepahan Co., an Iranian company whose main field of activities includes distribution and transmission of power projects. The company successfully applied in November 2014, in its application before the General Court, to have its name removed … Continue Reading

Congress Introduces North Korea and Iran Sanctions Legislation

House lawmakers introduced a new bill, the Korean Interdiction and Modernization of Sanctions Act (H.R. 1644), that would expand existing sanctions targeting trade with the North Korean regime. Further, two new Iran sanctions bills were introduced in the House and Senate – the Iran Ballistic Missiles and International Sanctions Enforcement Act (H.R. 1698) and the … Continue Reading

BIS Removes ZTE Corp. From Entity List

The US Department of State’s Bureau of Industry and Security (BIS) has removed from the Entity List China’s telecommunications equipment firms Zhongxing Telecommunications Equipment Corporation and ZTE Kangxun Telecommunications Ltd., known collectively as ZTE. The action follows the agency’s recently announced, record-breaking settlement for US export controls violations, according to which those entities agreed to … Continue Reading

UK Export Control Organisation (ECO) Withdraws Iran End-User Concern List

In a notice to exporters from 22 March, the ECO announced that its Iran list has been withdrawn, owing to the substantial lifting of EU sanctions on Iran under the JCPOA nuclear deal signed in 2015. The list was designed to provide information relating to certain entities, companies and organization in Iran for exporters concerned … Continue Reading

EU Removes Entities From Iran Sanctions Lists

The EU has reviewed its nuclear sanctions targeting Iran, as well as judgments of the General Court and the European Court of Justice, annulling listings on those measures and has confirmed that various entities do not appear anymore on the EU’s sanctions lists, they include Moallem Insurance Company, Petropars Operation & Management Company, Petropars Resources … Continue Reading

Trump Administration Imposes New Iran Sanctions

In response to recent ballistic missile testing activities by the Islamic Republic of Iran, the Trump administration, on 3 February 2017, issued its first economic sanctions, adding 13 individuals and 12 entities to the Office of Foreign Assets Control (OFAC) list of specially designated nationals and blocked persons. The designations were made under counter-proliferation and … Continue Reading
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