Wall Street Journal Reports That Sanctions Threat Prompts Firms to Sever Ties With Iran
Today's Wall Street Journal reports that many large European banks and companies are "severing ties" with Iran as a result of U.S. investigations into their compliance with U.S. sanctions programs and the possibility of multilateral sanctions being imposed on Iran. The article also notes that the Justice Department has several sanctions-related inquiries currently underway involving compliance with U.S. sanctions programs. The article quotes OFAC director Robert Werner as saying that firms must beef up their compliance programs to ensure "comprehensive implementation of U.S. economic sanctions and ensuring that companies and individuals, either wittingly or unwittingly, don't facilitate prohibited transactions with embargoed countries."
Labels: OFAC
|posted by Douglas N. Jacobson| Permalink 
