Knesset expands punishment for trading with Tehran

New amendment to sanction legislation stipulates that profits acquired from trade with enemy states can be confiscated.

By
June 27, 2011 12:19
1 minute read.
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Iranian Flag (R)_311. (photo credit: Reuters)

 
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Israeli corporations who do business with enemy nations, such as Iran, will now also be punished under the Money Laundering Law, after the Knesset Economics Committee authorized a change on Monday.

The change, which Justice Minister Yaakov Neeman requested from the committee, 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.

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Shuki Friedman, chairman of the Prime Minister’s Office Committee to Promote Sanctions on Iran, said “the change is a continuation of Sunday’s government decision to expand economic sanctions against Iran.”

The government sanctions also limit state contact with companies that trade with Iran.

The change came after the US State Department sanctioned the Ofer Brothers Group in May for allegedly sending a tanker to Iran. Sammy and Yuli Ofer denied the charges. Sammy died days later at age 89.

The incident was widely considered an embarrassment to the state, as it revealed that there was no legal barrier stopping the company’s ships from docking in Iran.

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