Israel Matzav

Turkish bank violating Iran sanctions?

I'm sure you'll all be shocked to hear that the United States is considering sanctioning a Turkish institution (bank) for violating the Comprehensive Iran Sanctions, Accountability and Disinvestment Act (CISADA) (Hat Tip: Joshua I).

David Cohen, nominated to be Treasury's undersecretary for terrorism and financial crimes, told a U.S. Senate confirmation hearing that he will vigorously enforce the Comprehensive Iran Sanctions, Accountability and Disinvestment Act (CISADA).

The law, aimed at curbing Iran's nuclear program, effectively requires banks to choose between dealing with the U.S.-led financial system or to continue doing business with Iran.

...

Cohen did not name any of the banks, but said that one institution in Turkey was effectively violating the sanctions.

"We are committed to enforcing the law," Cohen added. "Generically, we have a financial institution (in Turkey) that is not responsive to our overtures and it is engaged in activity that is sanctionable under CISADA. We will pursue that very vigorously."

I wonder who that might be. Heh.

Labels: Bank Mellat, Iran sanctions regime, Turkey

posted by Carl in Jerusalem @ 10:58 AM