On July 31, 2012, President Obama issued Executive Order 13622, entitled "Authorizing Additional Sanctions with Respect to Iran," to strengthen the Iran sanctions framework by further targeting Iran's oil and petrochemical sectors as well as its shipping trade. On the same day, pursuant to the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, the US Treasury Department's Office of Foreign Assets Control announced the addition of two foreign financial institutions, Bank of Kunlun in China and Elaf Islamic Bank in Iraq, to its List of Foreign Financial Institutions Subject to Part 561, finding that each bank knowingly facilitated significant financial transactions or provided significant financial services to Iranian banks designated for their connection to Iran's support for terrorism or weapons proliferation. On August 1, 2012, the US Congress also passed new legislation intended to strengthen Iran sanctions laws for the purpose of compelling Iran to abandon its pursuit of nuclear weapons and other threatening activities.
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