November 17, 2011

AMLC RESOLUTION NO. 130-11

In its Memorandum dated 21 October 2011, the AMLC Secretariat (AMLCS) reported to the Council that: AcSHCD

On 01 July 2010, President Barack Obama of the United States of America (U.S.A.) signed into law the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 (CISADA). CISADA builds upon United Nations Security Council Resolution 1929 (UNSCR 1929) — the fourth in a series of UNSC resolutions imposing sanctions on Iran for its nuclear activities, and imposes potentially serious limits on foreign financial institutions' access to the U.S. financial system for engaging in certain transactions involving Iran and specific Iran-linked entities and individuals. CISADA is consistent with the global consensus regarding Iranian behavior and is in line with the U.S. Government's core role of protecting its domestic financial system from exposure to Iran's illicit and deceptive financial practices.

Accordingly, Mr. Brian P. Doherty, Counselor for Economic Affairs, Embassy of the United States of America-Manila, and Assistant Secretary Patricia Ann V. Paez, Office of American Affairs, Philippine Department of Foreign Affairs, in letters dated 31...

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