The nuclear accord reached last year between five Western nations and Iran has done more than stir hopes and fears about the Islamic republic's return to global markets. For U.S. sanctions experts, the deal has also created a mountain of work, according to a former Treasury Department official.
A Congressional committee on Thursday approved a measure that would require the U.S. Treasury Department to collect data on the assets of Iranian leaders held in the United States and abroad.
Several financial institutions in the European Union and Asia are "ring-fencing" their American employees and taking other preliminary steps to reengage with Iran months after economic sanctions were eased under a global nuclear accord.
Iran's recent steps to bolster its controls against money laundering and terrorist financing have resulted in few returns from wary global financial institutions, the country's top banking regulator said Friday.
Iran's historic reentry into global markets Saturday came with expected fanfare and protest, and few surprises. Least surprising of all, the implementation of the sanctions accord means that the toughest work for banks could lie ahead.
The expected reemergence of Iran on global markets will likely pose the toughest challenge for sanctions compliance officers in the coming year, according to Alexandre Lamy, an attorney with Baker & McKenzie's International Trade Practice Group.
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