Andy Fernandez, one of the leaders of Gunster’s Banking and Financial Services practice and a shareholder, recently contributed an article titled, “Sanctions on Iran will add to foreign banks’ compliance costs,” to the Daily Business Review. In the article, Mr. Fernandez states:
“Proposed rules associated with a federal statue imposing sanctions on Iran are expected to increase the already existing compliance costs associated with foreign correspondent banking. And many banks in South Florida, a center for international business and international financial transactions, are likely to be affected.
Last July, President Barack Obama signed into law the Comprehensive Iran Sanctions Accountability and Divestment Act of 2010, which builds upon certain United Nations Security Council resolutions by strengthening U.S sanctions with respect to the Iranian energy industry and potentially imposes serious limits on a foreign financial institution’s access to the U.S. financial system if they engage in certain transactions involving Iran…”
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This publication is for general information only.It is not legal advice, and legal counsel should be contacted before any action is taken which might be influenced by this publication. Established in 1925, Gunster Yoakley is one of Florida’s oldest and largest full-service law firms. Its substantial and diversified practice serves an extensive client base of international, national and local businesses, institutions, local governments and prominent individuals. The firm maintains a strong presence in Florida with offices in Fort Lauderdale, Miami, Palm Beach, Stuart, Vero Beach, West Palm Beach, Jacksonville, and Tallahassee. Gunster Yoakley is home to more than 160 attorneys and 329 employees, providing counsel to clients through 18 practice groups including corporate, immigration, employment, technology and emerging companies, tax, banking and financial services, real estate, land use and environmental, business litigation, and private wealth services. |
