US blacklists two UAE companies
Dubai, May 16, 2013
The US has blacklisted two Dubai-based trading companies, accusing them of helping Iran evade financial sanctions and effectively cutting them off from the US financial system.
The move against Al Hilal Exchange and Al Fida International General Trading is the latest in a series of sanctions Washington has imposed to pressure Tehran to curb its atomic programme, which the US suspects aims to develop weapons. Iran says the programme is for civilian purposes.
Testifying before Congress, two senior Obama administration officials said they would continue to pursue Washington's dual-track policy of negotiating with Iran to rein in its nuclear program, while also imposing sanctions to pressure it.
In a statement, the US Treasury said the two firms had provided financial services to Iran's Bank Mellat, a bank that has itself been blacklisted - or "designated" in US government jargon - for involvement in the Iranian nuclear programme.
"They have been used by Iran in an attempt to maintain access to foreign currency exchange," the Treasury Department said in a statement.
The Treasury's action bars US individuals and companies from dealing with the two firms, effectively cutting them off from the US financial system, and requires the freezing of any assets they may have under US jurisdiction.
It also exposes them to possible criminal penalties, ranging up to 20 years in prison, $500,000 in fines for a corporation and $250,000 for an individual. In addition, civil penalties of up to $50,000 per violation may be imposed administratively. - Reuters
More Government & Laws Stories
- Qatar will not alter foreign policy: source
- Bahrain accuses Iran of fomenting trouble
- 'Put security before rights' in Bahrain: publisher
- 'Hizbollah trained Daih blast suspect'
- Key terror blast suspects named in Bahrain
- $2.6m Royal Fund for martyrs set up
- Bahrain to draw up new anti-terror laws
- GCC ROW: Qatar voices surprise over envoys pull out
- GCC tobacco tax rise ‘will fuel illicit trade’
- Saudi, UAE, Bahrain withdraw envoys from Qatar
- Bahrain explosion draws global condemnation
- GDN photographer hurt in blast is discharged
- Iran playing increasing role in Bahrain unrest
- Bahrain launches 6-point plan to fight terror
- Sisi gives sign he will run for president
- New Saudi clamp on energy drinks
- Health insurance must for Saudi visa
- Qatari doctor gets 7 years jail in UAE
- Family violence law articles approved in Bahrain
- Credit card thief jailed in Bahrain
- GDN photographer hurt in Bahrain explosion
- Bahrain King orders crackdown on terrorists
- Bahrain's 4-year development plan on track
- Bahrain authorities warn of rogue labour camps
- Experts draw 'startling comparisons' in explosives
- Bahrain reforms 'far exceed recommendations'
- Kuwaiti Emir undergoes minor surgery
- Special court to deal with travel bans backed
- Abu Dhabi renews UK police ties
- Omani CEO gets 23 years jail in graft case