November 2, 2016: SECO removed Bank Saderat from Iran sanctions listings

Following the EU’s lead, Swiss authorities on Wednesday removed the following listings from their Consolidated List’s Iran sanctions program:

SSID: 80-9019 Name: Bank Saderat Iran (including all branches and subsidiaries) Address: Bank Saderat Tower, 43 Somayeh Ave, Tehran, Iran
Justification: By handling letters of credit of Defence Industries Organisation (DIO) in March 2009, Bank Saderat violated the provisions of UNSCR 1737 which designated DIO and therefore required the freezing of its, and prohibited the making available to it of any, funds, financial assets and economic ressources. By handling those letters of credit, Bank Saderat also assisted DIO in violating the prohibition contained in UNSCR 1747 on the procurement and the provision by Iran of any arms and related material. Modifications: Amended on 18 May 2016, de-listed on 1 Nov 2016

SSID: 80-9024 Name: Bank Saderat PLC (London)
Address: 5 Lothbury, EC2R 7 HD, United Kingdom
Justification: 100 % owned subsidiary of Bank Saderat Relation: Subsidiary of Bank Saderat Iran (including all branches and subsidiaries) (SSID 80-9019) Modifications: Amended on 18 May 2016, de-listed on 1 Nov 2016 

Links:

FINMA Notice

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