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)

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.

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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.

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


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