Iran TBML explained
EU Sanctions
On 17 March 2012, following agreement two days earlier between all 27 member states of the Council of the European Union, and the Council's subsequent ruling, the SWIFT electronic banking network, the world hub of electronic financial transactions, disconnected all Iranian banks from its international network that had been identified as institutions in breach of current EU sanctions, and that further Iranian financial institutions could be disconnected from its network. Other than above Iranian oil exports also were sanctioned by European Union. Some of the restrictions are mentioned below-
- restrictions on admission of certain persons
- freezing of funds and economic resources
- embargo on telecommunications monitoring and interception equipment
- embargo on equipment which might be used for internal repression
- vigilance requirements for EU financial institutions in their activities with banks domiciled in Iran and their branches and subsidiaries
- ban on certain Iranian investment (nuclear industry)
- monitoring of activities of EU branches and subsidiaries of credit and financial institutions domiciled in Iran
- enhanced vigilance as regards transactions of EU financial institutions with credit and financial institutions domiciled in Iran and with the latter’s branches and subsidiaries The article was originally contributed by Vedant Sangit
Posted with SteemPress : http://giccp.com/trade-based-money-laundering-in-iran/
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by jackjones from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.