Arab Today, arab today iran remains off limits to us banks
Last Updated : GMT 19:46:39
Arab Today, arab today
Arab Today, arab today

Iran remains off limits to US banks

Arab Today, arab today

Arab Today, arab today Iran remains off limits to US banks

US Treasury Secretary Jacob
New York - Arab Today

Iran remains essentially off limits to US banks, despite the lifting of some US sanctions following the landmark Iranian nuclear deal.
The Obama administration in mid-January eased several restrictions on doing business with Iran, including former “secondary” sanctions that had threatened to penalize companies outside the US for their business with Iran, as well as some restrictions on Americans seeking to make inroads in the country.
Nevertheless, most “primary” sanctions tied to accusations that Tehran supports terrorism remain in effect, blocking US businesses from joining a rush by non-US companies to cash in on Iran’s potential revival.
It means that US banks have little access to the oil-rich country compared to their rivals in other countries.
They mostly cannot handle transactions for US and other companies involved in Iran, and the Iranian government and private entities cannot open accounts with US banks.
“Broadly, the US primary embargo on Iran is still in place,” John Smith, acting director of the Treasury Department’s Office of Foreign Assets Control (OFAC), told a congressional panel.
The sanctions still in place were imposed not over Iran’s nuclear program but its record on terrorism and human rights.
That means the easing arising from the nuclear deal so far “does not have any impact on us,” said an official with one large New York bank.
“We’re still very prohibited from engaging in just about any business activity with Iran except on very limited exceptions.”
Several leading US banks, including Bank of America, JPMorgan Chase, Goldman Sachs and Morgan Stanley, declined comment on the issue.
But many remain keen to exploit the Iran opportunity.
They have turned to teams of lawyers and other specialists as they plumb the shifting legal terrain.
“We continue to monitor the developments in Iran,” said Citigroup spokesman Kamran Mumtaz.
Foreign banks operating in the US too remain hemmed in by the sanctions still in place, because they are forbidden from clearing US dollar-denominated transactions involving Iran through US banks, according to OFAC.
In addition, some 200 Iran-related individuals and entities on a list of “blocked” people, including large government entities involved deeply in the economy like the powerful Revolutionary Guards.
Non-US companies who provide support to still-blacklisted Iranian entities “may face being cut off from the US financial system,” said OFAC’s Smith.
In 2014, US officials fined BNP Paribas a record of almost $9 billion for moving payments involving Iranian entities through the US economy.
To avoid such punishments, non-US banks that work in both Iran and the US must isolate Iranian business from their US assets and implement rigid internal controls, law firm Clifford Chance said in a memo advising US banking giant JPMorgan Chase.
“Many organizations looking to trade with, or make investments in Iran, now that sanctions have been eased may experience a tension between business development personnel who may wish to take advantage of the opportunities offered, and those whose responsibilities are for risk management and compliance,” said the memo.
US policy has freed banks to make loans in some specific businesses and activities involving Iran, such as to companies that have obtained specific US Treasury permission, or “licenses,” to sell airplane parts or to upgrade Iranian civilian aviation engines.
Boeing and General Electric have obtained such licenses.
US banks can also provide financing to US companies that import Iranian foods or carpets, said a New York banker.
But “there are still a number of risks to consider when conducting business under the terms of a specific license,” said Howard Mendelsohn, a managing director at Camstoll Group, a consultancy.
US banks must carefully vet all parties involved in a transaction to make sure none are on the Treasury blacklist.
Source :Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today iran remains off limits to us banks Arab Today, arab today iran remains off limits to us banks

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today iran remains off limits to us banks Arab Today, arab today iran remains off limits to us banks

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Lufthansa chief eyes up to 78

GMT 11:29 2017 Thursday ,21 September

Lufthansa chief eyes up to 78
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Rouhani at UN defends Iran nuclear deal

GMT 09:41 2017 Thursday ,21 September

Rouhani at UN defends Iran nuclear deal
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today China lifts 10-year travel ban

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Actress Ream Hhagag prepares for a new film

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:49 2017 Wednesday ,20 September

WHO urges Yemen to accept vaccines

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday