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Banks Risk Penalties When Customers Breach Trade Sanctions Rules
By Brian Monroe
printBanks that financed deals with subsidiaries of a blacklisted Beijing-based weapons manufacturer are likely to face increased scrutiny from the U.S. Treasury Department's sanctions enforcement arm, say analysts. The possibility follows the Jan. 5 disclosure by the Washington, D.C.-based Wisconsin Project on Nuclear Arms Control that units of China Precision Machinery Import-Export Corp (CPMIEC) had traded with dozens of U.S. companies more than 300 times. The United States prohibited trade and financial transactions with the company in June 2006 for allegedly selling missile components to Iran. While no companies have yet been dinged by the Treasury Department's Office of Foreign...
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