International Trade Law News /title <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" ""> <html xmlns="" xml:lang="en" lang="en"> <meta name="verify-v1" content="6kFGcaEvnPNJ6heBYemQKQasNtyHRZrl1qGh38P0b6M=" /> <head> <title>International Trade Law News

« Home | House Ways and Means Committee to Mark-Up Trade Pr... » | Machine Tools Producer Installs Relocation Detecto... » | U.S. Arrests Four People for Engaging in Economic ... » | Heritage Foundation Issues Policy Papers on U.S. D... » | House Foreign Affairs Committee Chairman Tom Lanto... » | President Bush Proposes to Increase BIS Funding fo... » | House Bill Introduced to Extend ATPA, CBI and GSP ... » | OFAC Set to Bring Enforcement Actions Against Suda... » | New Approach to Antiboycott Settlements? BIS Waive... » | "First Sale" Rule Comment Period Extended to April... » 

February 13, 2008 

Iranians Elude Sanctions

Today's Wall Street Journal contains a good overview of the effect of U.S. and multilateral economic sanctions on Iran, the methods used by Iranian business to elude such sanctions and the resulting problems that are created. The article notes that the sanctions:

. . . are rerouting money flows between Iranian businesses and their overseas customers and suppliers, pushing them outside of the regulated global banking system. Businesses are using cash, informal money transfers and banks that aren't monitored by international authorities. That has some economists, banking experts and businessmen wondering whether sanctions are making it more difficult to trace money laundering, drug smuggling and terror financing in the region.
Specifically, the article notes that Iranian businesses are looking to "the United Arab Emirates and other Persian Gulf commercial hubs for business partners to help them skirt the sanctions." The article notes that imports into Iran from the United Arab Emirates increased 20% in 2006 and 25% in 2007.

Because of sanctions on Iranian banks, the article indicates that in order to "move money in and out of Iran, businesses increasingly are turning to informal money transfers and cash couriers", which are difficult to track. The article contains a good discussion and flowchart showing how middlemen and hawala money transfer services are used to transfer money to and from Iran.




Subscribe to our confidential mailing list

Mobile Version

Search Trade Law News

International Trade and Compliance Jobs

Jobs from Indeed




  • This Site is presented for general informational purposes only and does not constitute legal advice. No attorney-client relationship is formed when you use this Site. Do not consider the Site to be a substitute for obtaining legal advice from a qualified attorney. The information on this Site may be changed without notice and is not guaranteed to be complete, correct or up-to-date. While we try to revise this Site on a regular basis, it may not reflect the most current legal developments. The opinions expressed on this Site are the opinions of the individual author.
  • The content on this Site may be reproduced and/or distributed in whole or in part, provided that its source is indicated as "International Trade Law News,".
  • ©2003-2015. All rights reserved.

Translate This Site

Powered by Blogger