Commerzbank will pay fines as part of a global settlement with a number of US authorities in relation to an investigation of alleged breaches of US sanctions regulations relating to Iran, Sudan, Burma and Cuba, Commerzbank will pay:  – US$258.7m to the US Treasury’s Department of the Office of Foreign Assets Control (OFAC) to settle […]

On 24 November 2014, the P5+1 (the UK, US, Germany, France, Russia and China, facilitated by the EU) confirmed that the ‘Geneva Agreement’ – the limited sanctions relief that was agreed in November 2013 and implemented in January 2014 – will be extended for a further seven months whilst negotiations over Iran’s nuclear programme continue. […]

The pivotal role BNP Paribas played in helping Sudan sell oil in violation of U.S. sanctions is the major reason U.S. authorities are pushing for harsh penalties against the French banking giant, two sources with first-hand knowledge of the matter said. ”BNP basically was the Sudanese economy. They were just huge in helping the government […]

RBS (the Bank) concealed the fact that it was doing business with Iran between 2005 and 2009. Royal Bank of Scotland has agreed a $100m (£61m) settlement with a trio of US regulators for violating sanctions against dealing with Iran, Sudan, Burma and Cuba. The bank yesterday (10 December) reached a settlement with the Board […]

A new deal A joint statement by EU High Representative Catherine Ashton and Iran Foreign Minister Mohammad Javad Zarif reveals a phased plan that will see the gradual easing of sanctions against Iran, should all conditions be met. The EU and E3+3 (China, France, Germany, the Russian Federation, UK and US) met on the weekend […]

Governor Andrew M. Cuomo has announced that the Bank of Tokyo Mitsubishi-UFJ (BTMU) has agreed to pay $250 million to the New York State Department of Financial Services (DFS) for allegedly handling financial transactions involving countries and entities subject to international sanctions and removing details of international transactions. DFS alleges that BTMU conducted nearly 28,000 […]

THE REPUTATIONAL RISK FOR LAW-ABIDING AND WELL-MEANING COMPANIES – On 5 February 2012 President Obama signed an Executive Order to further the US Administration’s Iran Sanctions Program that blocks (i.e., “freezes”) all property of the Government of Iran as well as all property of Iranian financial institutions, including the Central Bank of Iran. This builds […]

This notice is issued in respect of the restrictive measures directed by the Council of the European Union against Iran. 1. With the publication of the Judgment of the General Court of the European Union of 5 December 2012 in regard to Qualitest vs. Council (Case T-421/11) on 26 January 2013 (the “Judgment”), the General […]