Will a Campaign Promise Overturn the Iran Nuclear Deal?

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A popular political pastime these days is speculating on how the new Trump administration will handle policies with controversial headwinds; central among these is the Iran nuclear deal. Putting politics aside, gaining international support for dismantling the Iran nuclear deal – an objective set forth by President-elect Trump during his campaign – would prove to […]

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EU Threatening Sanctions to Isolate Those Opposed to Unity Government; Libya’s Financial System Severely Strained

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A recent report issued by the UN’s Panel of Experts on Libya calls on Libya’s UN-brokered unity government, the Government of National Accord (GNA), to provide urgent oversight and protection for Libya’s financial system. According to the report, Islamic State is benefitting from Libya’s “political and security vacuum,” adding that the terrorist group’s control in Libya has expanded considerably. The panel highlights that Islamic State’s stream of attacks on Libya’s oil facilities and the activities of other armed groups have devastated the country’s economy. The report observes that Libya’s financial system faces an “no longer tenable” situation “weakened by the competition between the two rival governments over the control of state financial institutions.”

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FATF Guidance Underscores Challenges in Banking Remittance Businesses

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In late February, Reuters reported that Australia’s four largest banks have closed the accounts of remittance businesses in recent years, pushing funds-transfers underground. These reported actions follow similar decisions taken by banks in New York, London and elsewhere. Some remittance businesses in Australia have responded by adapting their activities, including by setting up holding companies to open new bank accounts and by relying on foreign-exchange companies to remit funds on their behalf, according to Reuters.

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Iranian Banks Reconnected to SWIFT

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The Central Bank of Iran announced this week that SWIFT completed the on-boarding process for all non-sanctioned Iranian banks and a number of their international subsidiaries and branches, in line with sanctions relief provided for in the Joint Comprehensive Plan of Action (JCPOA).

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