White House Targets Banks Holding Iranian Currency, Automotive Accounts

Colby Adams – Moneylaundering.com

On Monday, Samuel Cutler was quoted in an ACAMS MoneyLaundering.com article on the potential impact of a new executive order aimed at the Iranian rial:

“This is targeting those who are exchanging rials, though it’s unclear how large that trade is,” said Sam Cutler, a policy advisor at Ferrari & Associates, P.C., a Washington, D.C.-based law firm. Importantly, the order expands the definition of “foreign financial institution” under a previous executive order to include dealers in precious metals, stones or jewels, he said.

Monday’s executive order is “aimed at Congress, probably in an attempt to forestall some of the legislation that is out there, like the Kirk amendment and the House bill under [Rep. Ed Royce] (R-CA),” said Cutler. While the order could be applied very broadly to encompass large swaths of the Iranian economy, the Obama administration has also left itself “a lot of room to determine how stringently they’re going to enforce their own rule,” he said.

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