UANI Warns International Companies and Officials in Germany for Iran Business Forum of Glaring Risks in Full-Page Wall Street Journal Europe Ad

November 16, 2016

FOR IMMEDIATE RELEASE
November 16, 2016
[email protected]

UANI Warns International Companies and Officials in Germany for
Iran Business Forum of Glaring Risks in Full-Page Wall Street Journal Europe Ad

U.S. Sanctioned Iranian Banks Sponsor High-Level Banking and Business Forum in Frankfurt 

UANI Ad
UANI Full-Page Notice in Wall Street Journal Europe

New York, NY – As the 3rd Banking and Business Forum Iran Europe convenes in Frankfurt with the goal of convincing businesses to invest in Iran, United Against Nuclear Iran (UANI) is warning participants in a full-page ad in the Wall Street Journal Europe of the ongoing serious commercial risks in Iran, including the legal and regulatory uncertainty surrounding the incoming Trump administration.

The Forum, which will be held November 16-17 during the 19th Euro Finance Week, is co-hosted by Germany’s Maleki Communications Group and the Central Bank of the Islamic Republic of Iran. Most concerning, the Forum is sponsored by three banks that remain under U.S. sanctions: Saman Bank, Bank Hekmat, and the notorious Bank Saderat, which has facilitated the transfer of hundreds of millions of dollars to Hezbollah, Hamas, and other terrorist organizations.

“The 3rd Banking and Business Forum Iran Europe seeks to foster business deals with Iran despite severe risks that continue to plague the country and the lack of change in the regime’s unruly behavior,” said UANI Senior Advisor and former Director of the Federal Intelligence Service of Germany Dr. August Hanning.

“With the policy uncertainty surrounding a newly elected U.S. administration and Congress, the aim of this event is extremely shortsighted,” added UANI Chairman and former U.S. Senator Joseph I. Lieberman. “International banks and businesses can find themselves losing market share – or worse – if they are too fast to ink deals that may be lucrative in the short-term, but carry long-term risk,” said Lieberman.

The Forum’s program includes panel topics such as Financial Action Task Force (FATF) Requirements and Reconnecting to the International Payment World – two areas which pose grave threats to the global financial system. Just last June, the FATF announced its decision to keep Iran blacklisted due to concerns of illicit financial activities and continued terrorist financing. Additional risks for banks and businesses include:

  • Banking Risk: While Iranian financial institutions remain locked out of the U.S. financial system, the risk of financial penalties and fines for violations remain for international banks. Since 2009, banks have been hit with $15 billion in fines for violating U.S. sanctions on Iran – including for inadvertently facilitating money laundering transactions.
  • Snapback Risk: Companies risk operating under the “snapback” of economic sanctions due to violations of international law and the revocation of the Joint Comprehensive Plan of Action (JCPOA). Foreign businesses operating in Iran will experience an uncertain legal and regulatory environment unless Iran demonstrates long-term compliance with its JCPOA obligations.
  • Islamic Revolutionary Guard Corps (IRGC) Risk: Companies entering Iran are faced with dealing with front companies operated by the IRGC, a terrorist organization sanctioned by the U.S. and international community. While doing business with the IRGC is illegal, foreign managers are unable to discern companies that are secretly operated, managed, and even owned by the IRGC. 

For more information, or to speak with UANI leadership, please contact: [email protected].

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About UANI

UANI is an independent, not-for-profit, non-partisan, advocacy group founded in 2008 by Ambassador Mark D. Wallace, Ambassador Richard Holbrooke, former CIA Director Jim Woolsey, and Middle East Expert Ambassador Dennis Ross, that seeks to heighten awareness of the danger the Iranian regime poses to the world.