New US Executive Order in relation to Iran and enforcement action against two non-US banks

11 Sep 2012

On 31 July 2011 Barack Obama enacted a new Executive Order ‘Authorising Additional Sanctions with Respect to Iran’, which has immediate effect. The US Department of the Treasury also announced the imposition of sanctions under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (“CISADA”), against two non-US financial institutions (one Iraqi, one Chinese) for knowingly facilitating significant transactions or providing significant financial services for US-designated Iranian banks. Please click here (http://herbertsmithfsrnotes.com/2012/08/01/new-us-executive-order-in-relation-to-iran-and-enforcement-action-against-two-non-us-banks/?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) for our detailed briefing on this topic.