The European Union announced similar regulations barely a month after President Obama signed CISADA
, and they took effect in October.
He later detailed how the CISADA
has broadened the sanctions against Iran by imposing sanctions on non-US and non-Iranian businesses which invest or engage in trade transactions with Tehran.
According to the State Department, some firms may have discontinued their activities after passage of CISADA
to avoid triggering sanctions.
While everything, of course, depends on the implementation of CISADA
, it appears unlikely that when put to the test, banks currently doing business with designated Iranian banks will choose to continue doing so if they will lose access to the US market.
Termination: Section 401 of CISADA
provides for the President to terminate the trade ban codification provision of CISADA
Alternatively, the trade ban provision in CISADA
could be repealed
Waivers of CISADA
was not required to implement the JPA.
, foreign financial institutions that knowingly facilitate significant transactions or provide significant financial services for an Iranian-linked financial institution designated by the U.
Cohen, who recently succeeded Stuart Levey as the under secretary of the Treasury for terrorism and financial intelligence, told the Senate Banking Committee last Thursday he and his staff are "aggressively" enforcing the newest sanctions law, known as CISADA
in Washington jargon, that was signed into law a year ago.
On March 8, 2010, even before CISADA
was enacted, OFAC amended the Iran Transactions Regulations that implement the U.
We also urge the administration to vigorously enforce existing sanctions measures including the certification provisions of CISADA
, which require all companies that do business with the U.
The State Department has also used CISADA
authorities to persuade five major multinational oil firms to withdraw all significant activity in Iran, costing them hundreds of millions of dollars.