Banks face heavy burden from sanctions in the Middle East
Ever-increasing sanctions are creating operational challenges not only for sanctioned entities but the industry as a whole
Events in the Middle East in 2011 led to a significant increase in sanctions being issued against entities and individuals. In November 2011, Syria had sanctions placed on it by the UK’s HM Treasury (HMT). Further sanctions were placed on Iran by HMT in November, which included dealings with its central bank, and Libya saw sanctions imposed earlier in the year and then lifted in the wake of Muammar Gaddafi’s demise.
Sanctions have an impact upon not only the operations of the sanctioned entity
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