(New York Times) Robert F. Worth - The Treasury Department released new regulations on Friday that could bar foreign banks or companies from accessing the financial system in the U.S. if they did business with entities or people subject to UN and U.S. sanctions. The regulations, which grew out of legislation Congress passed in June, effectively bar foreign banks from doing business in dollars if they engage in transactions with anyone suspected of involvement in Iran's nuclear or missile programs. The entities include Iran's Revolutionary Guards. Administration officials have said they believe that the sanctions have already started to have an effect. The threat of being cut off from the U.S. economy adds a significant dimension, said Stuart A. Levey, Undersecretary of the Treasury for Terrorism and Financial Intelligence.
2010-08-16 09:24:31Full ArticleBACK Visit the Daily Alert Archive