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Sanctions can change behavior: CISADA delisting [Updated]

Elaf Islamic Bank had been sanctioned under CISADA for its dealings with the Export Development Bank of Iran (EDBI). They swiftly cleaned up their act and, lo and behold, bye-bye listing!

Another case where Treasury trumpets the news, not OFAC.

{Update] OFAC did actually issue its own notice – of course, they don't call it CISADA. To OFAC, it's Part 561. Here's Elaf Islamic's listing which is being removed:

ELAF ISLAMIC BANK, PO Box 3440, Building No. 14, Street 99, Hai Al Wehda-Mahala 902, Alweih, Baghdad, Iraq; SWIFT/BIC ELAF IQ BA; Note: The entity being designated, “Elaf Islamic Bank, Iraq” is separate and distinct from the similarly named entity, “Elaf Bank, Bahrain” [561LIST].

Link:

Treasury press release

OFAC Notice

 

Categories: Iranian Sanctions OFAC Updates Sanctions Lists

eric9to5

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