SIA Submits Comments to the US Department of Treasury on Economic Sanctions Enforcement Procedures for Financial Institutions
Published on:
March 23, 2006
The Securities Industry Association (SIA)* provides comments to the U.S. Department of Treasuryon the proposed Economic Sanctions Enforcement Procedures for Financial Institutions (Enforcement Procedures) issued by the Department’s Office of Foreign Assets Control (OFAC). SIA’s recommendations include: 1) OFAC should provide enhanced transparency of the enforcement action decision-making process; and 2) OFAC should clarify alternative resolutions to enforcement investigations in certain circumstances.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.