Iranian Flag (R)_311.
(photo credit: Reuters)
The Bank of Israel, Finance Ministry and Israel Securities Authority have
published new draft directives regarding the risks entailed in dealing with
entities designated on international lists as aiding Iran’s nuclear program and
programs related to it.
The directives, coordinated between the
regulators, are part of a range of the steps being taken by Israel in its
struggle against Iran’s nuclear program, the three bodies said on
Regulated financial institutions – institutional entities,
banks and credit card companies – will be alerted to the recent change in
legislation on the matter, and to the lists that have been published by
The lists include the names of entities
designated as maintaining prohibited connections with Iran. In addition, the
directives require each regulated entity to examine the level of existing
exposure to these risks.
The issue of indirect trade with Iran came to
the Israeli public’s attention in late May when the US State Department alleged
that Ofer Brothers – established by Yuli Ofer and the late Sammy Ofer in the
1950s, had sold an oil tanker to Tehran last September, violating international
Ofer Brothers Group denied it ever sold ships to
Several weeks later the Knesset Economics Committee authorized an
expansion of economic sanctions against the Islamic Republic, which means that
not only will such companies be breaking the law by dealing with the enemy, they
will also be prosecuted according to their earnings from those business
Work on drawing up these sanctions had reportedly been
underway for months, long before the Ofer scandal broke in late May.