- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-04-18T21:20:00
The Treasury Department announced new sanctions against Iran on Thursday, with Treasury Secretary Janet Yellen promising “further actions in the days and weeks ahead” following the Middle East nation’s attack on Israel.
The Treasury’s Office of Foreign Assets Control (OFAC), in coordination with the United Kingdom, targeted two entities and 16 individuals determined to have enabled Iran’s production, procurement, and proliferation of unmanned aerial vehicles (UAVs) like those used in the April 13 attack, the agency said in a press release.
OFAC also designated five companies providing component materials for steel production to Iran’s Khuzestan Steel Company (KSC) and three subsidiaries of Iranian automaker Bahman Group.
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The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.
Three Russia-based companies and an individual were designated by the U.S. Treasury Department for trying to recapture more than $1.5 billion in frozen shares owned by a previously sanctioned Russian oligarch using a complex evasion scheme.
The Financial Crimes Enforcement Network advised financial institutions in detecting illicit transactions related to Iran-backed terrorist organizations.
The EU and U.K. have rushed to commit themselves to intensifying action on sanctions evasion after U.S. President-elect Donald Trump’s victory, but any compliance managers who believe Trump will make global sanctions compliance easier in 2025 are likely to be disappointed.
With a new political regime ready to take over in the U.S., the effectiveness of sanctions against malign foreign actors like Russia, North Korea, and Iran have come into question. While the European Union and U.K. have increased sanctions pressure, critics have publicly asked: Is it enough?
The U.K. has issued 56 new sanctions against entities and individuals involved with Russia’s war effort, including several private mercenary groups operating in Africa that are connected to the Kremlin.
