Gov't announces measures on entities dealing with Iran

Directives are part of a range of steps being taken by Israel in its struggle against Iran’s nuclear program.

By NADAV SHEMER
July 7, 2011 14:35
1 minute read.
Iranian Flag

Iranian Flag (R)_311. (photo credit: Reuters)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

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 Thursday.

Be the first to know - Join our Facebook page.


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 international entities.

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 sanctions.

Ofer Brothers Group denied it ever sold ships to Iran.

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 transactions.

JPOST VIDEOS THAT MIGHT INTEREST YOU:


Work on drawing up these sanctions had reportedly been underway for months, long before the Ofer scandal broke in late May.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Prime Minister Benjamin Netanyahu
August 31, 2014
Prime minister to Channel 1: I’ll be running again in next election

By Gil Stern Stern HOFFMAN