US Senate Passes New Iran Sanctions Bill

May 22, 2012

The Wall Street Journal on May 22, 2012 released the following:

“By Samuel Rubenfeld

The U.S. Senate passed on Monday night — by voice vote — new sanctions on Iran ahead of diplomatic talks about Tehran’s nuclear program.

The legislation, which was blocked last Thursday by Republicans seeking minor language tweaks despite overwhelming support, sailed through Monday on the voice vote after doing the same in committee. The bill, among other things, imposes sanctions on the parent companies of foreign subsidiaries violating sanctions. It also requires the disclosure of all sanctionable activity to the Securities and Exchange Commission.

Lawmakers have been on the offensive to punish Iran for its nuclear program, which Tehran says is peaceful.

“Iran’s Supreme Leader has a choice: Either come to Baghdad with a real plan to terminate Iran’s nuclear program or we’ll make our own plan – through sanctions or other necessary measures — to ensure that Iran fails to achieve its nuclear ambitions,” said Sen. Bob Menendez (D., N.J.) in a statement.

The Senate-passed legislation still has to be reconciled with a House bill before it reaches President Barack Obama’s desk. It comes on top of sanctions legislation signed into law last year that targets anyone doing business with Iran’s central bank, which routes most of its oil transactions.

Those sanctions were implemented in early February via executive order, and a guidance and a rule were issued by the Treasury Department later that month. In April, the White House announced a new program that makes it easier to go after Iran sanctions evaders.

The bill passed Monday night broadens the list of available programs under which sanctions can be imposed on Iranian individuals and entities.

It also requires the U.S. to determine whether the National Iranian Oil Co. and National Iranian Tanker Co. are agencies of the country’s Revolutionary Guard Corps, and then impose sanctions on anyone facilitating sanctions for either entity.”

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Douglas McNabb – McNabb Associates, P.C.’s
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To find additional global criminal news, please read The Global Criminal Defense Daily.

Douglas McNabb and other members of the U.S. law firm practice and write and/or report extensively on matters involving Federal Criminal Defense, INTERPOL Red Notice Removal, International Extradition Defense, OFAC SDN Sanctions Removal, International Criminal Court Defense, and US Seizure of Non-Resident, Foreign-Owned Assets. Because we have experience dealing with INTERPOL, our firm understands the inter-relationship that INTERPOL’s “Red Notice” brings to this equation.

The author of this blog is Douglas C. McNabb. Please feel free to contact him directly at mcnabb@mcnabbassociates.com or at one of the offices listed above.

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US levies new sanctions on Iran’s Central Bank

February 6, 2012

The Associated Press on February 6, 2012 released the following:

“By JULIE PACE
Associated Press

WASHINGTON (AP) — President Barack Obama has ordered new sanctions on the Islamic republic, including its Central Bank, in a move to enforce a law he signed in December.

In a letter to Congress Monday, Obama said the tougher sanctions are warranted “particularly in light of the deceptive practices of the Central Bank of Iran and other Iranian banks.” He said the problems included the hiding transactions of sanctioned parties, the deficiencies of Iran’s anti-money laundering regime and the unacceptably high risk posed to the entire international financial system posed by Iran’s activities.

The Central Bank sanctions were included as an amendment in the wide-ranging defense bill Obama signed into law at the end of 2011. The White House said Obama signed the executive order approving the sanctions on Sunday, well ahead of the six-month window he was afforded in the defense bill.

Obama’s fresh swipe at Tehran come as the White House tries to both ratchet up pressure on the Islamic republic to abandon its nuclear program and dissuade Israel from launching a unilateral strike on Iran, a move that could roil the Middle East and jolt the global economy.

Obama said Sunday he does not believe Israel has yet decided whether to attack Iran and still believes a diplomatic solution is possible.

Iran insists that its nuclear pursuit is for peaceful purposes, but the West accuses Iran of developing the know-how to build a nuclear bomb. Defense Secretary Leon Panetta last week would not dispute a report that he believes Israel may attack Iran this spring in an attempt to set back the Islamic republic’s nuclear program.

A Treasury Department statement said the sanctions underscore that the administration is determined to hold Iran accountable for meeting international obligations over its nuclear program. The statement said Iran should get the message that “it will face ever-increasing economic and diplomatic pressure” until it answers the world’s well-founded concerns about its nuclear intentions.

The department also said foreign financial institutions engaged in “arms-length transactions” with the Central Bank would not be impacted by the sanctions that Obama ordered Sunday, but remain at risk of such penalties if they undertake significant transactions with the bank or other Iranian financial institutions.

The sanctions amendment in the defense bill compelled U.S. punishment of foreign financial institutions that conduct transactions through Iran’s Central Bank in order to import petroleum. Several U.S. allies in Europe and Asia engage in such business with Iran.

The administration expressed concern at the time that the sanctions could lead to a spike in global oil prices, hampering the American economic recovery and perhaps perversely enabling Iran to reap even greater revenues from its oil exports. That would defeat the purpose of the bill, which is to hamper Tehran’s alleged support for international terrorism and its ability to fund its nuclear enrichment program.

Under the law, Obama had the option of waiving penalties for national security reasons.

The White House sees sanctions as an effective method of increasing pressure on Iran and officials say the penalties have started to squeeze Iran’s economy.

In recent weeks, both the U.S. and European Union have imposed harsher sanctions on Iran’s oil sector, the lifeblood of its economy.

In Washington, the Senate Banking Committee also easily approved yet more penalties on Tehran last week. The sweeping measure, which is not yet law, would target Iran’s Revolutionary Guard Corps, require companies that trade on the U.S. stock exchanges to disclose any Iran-related business to the Securities and Exchange Commission, and expand penalties for energy and uranium mining joint ventures with Tehran.”

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Douglas McNabb – McNabb Associates, P.C.’s
OFAC SDN Removal Videos:

OFAC Litigation – SDN List Removal

OFAC SDN List Removal

OFAC SDN Removal Attorneys

————————————————————–

To find additional global criminal news, please read The Global Criminal Defense Daily.

Douglas McNabb and other members of the U.S. law firm practice and write and/or report extensively on matters involving Federal Criminal Defense, INTERPOL Red Notice Removal, International Extradition and OFAC SDN Sanctions Removal.

The author of this blog is Douglas McNabb. Please feel free to contact him directly at mcnabb@mcnabbassociates.com or at one of the offices listed above.