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Article
Publication date: 7 September 2012

The purpose of this paper is to highlight some of the most significant US sanctions risks faced by persons that operate in the securities and investment marketplace, in…

203

Abstract

Purpose

The purpose of this paper is to highlight some of the most significant US sanctions risks faced by persons that operate in the securities and investment marketplace, in order to encourage firms to maintain comprehensive, risk‐based compliance controls that will strengthen their ability to comply with US sanctions regulations.

Design/methodology/approach

The paper begins with a brief overview of the sanctions programs administered by the US Treasury Department's Office of Foreign Assets Control (OFAC), followed by examples of potential sanctions violations that emphasize the risks and challenges faced by the securities and investment sector with respect to sanctions. Finally, the paper describes how firms can develop measures intended to mitigate their OFAC risk and prevent the potentially costly monetary penalties associated with violations of US sanctions regulations.

Findings

The nature of the securities and investment sector can make identifying the often indirect sanctions implications of engaging in certain activity a challenging task; however, a well thought out, responsibly implemented OFAC compliance program can help mitigate sanctions risks in an effective manner.

Originality/value

The paper provides insight regarding OFAC compliance in the securities and investment sector directly from the government agency responsible for administering and enforcing US sanctions.

Details

Journal of Investment Compliance, vol. 13 no. 3
Type: Research Article
ISSN: 1528-5812

Keywords

Expert briefing
Publication date: 18 June 2019

Sanctions outlook.

Details

DOI: 10.1108/OXAN-DB244587

ISSN: 2633-304X

Keywords

Geographic
Topical
Expert briefing
Publication date: 18 March 2020

International calls by aid groups for Washington to ease sanctions on Iran and to allow greater sales of goods to it, to help stem COVID-19, are growing. Under US law…

Expert briefing
Publication date: 18 January 2016

Agreement between Iran and the P5+1 (France, Germany, the United Kingdom, Russia, China and the United States) on the former's nuclear programme in July 2015 has been…

Article
Publication date: 2 December 2022

Meysam Rafei, Siab Mamipour and Nasim Bahari

The main purpose of this paper is to investigate the dynamic effects of the oil price shocks on Iran’s inflation in the period 1993:2–2018:2

Abstract

Purpose

The main purpose of this paper is to investigate the dynamic effects of the oil price shocks on Iran’s inflation in the period 1993:2–2018:2

Design/methodology/approach

The main purpose of this paper is to investigate the dynamic effects of the oil price shocks on Iran’s inflation in the period 1993:2–2018:2 using the time-varying parameter vector autoregressive (TVP-VAR) model. The dynamics of the results enable us to study the amount and severity of the impact of the oil price shocks on inflation with the distinction of the sanctioned and non-sanctioned periods. The volume of oil export is used to identify the effective oil sanctions. The period is divided into sanctioned and non-sanctioned periods by Markov switching model.

Findings

The results show that the pass-through of oil price shocks into Iran’s inflation are time-varying, and there are significant differences at sanction period from other time horizons. An increase in oil price has a positive effect on inflation and its effects are stronger during the sanctions period. It is also observed that the producer price index is more sensitive to changes in the oil price than the consumer price index. The necessity of the government’s earnest efforts to improve international relations to lift the sanctions, along with diversification of exports, and making the economy of Iran independent of oil revenues is obvious.

Originality/value

In addition to the exogenous oil price shocks, Iran’s economy faces numerous restrictions for its oil exports due to the sanctions. The main purpose of this paper is to investigate the dynamics effects of the oil price shocks on Iran’s inflation in the period 1993:2–2018:2 using the time-varying parameter vector autoregressive (TVP-VAR) model. The dynamics of the results enable us to study the amount and severity of the impact of the oil price shocks on inflation with the distinction of the sanctioned and non-sanctioned periods. The volume of oil export is used to identify the effective oil sanctions.

Details

International Journal of Energy Sector Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1750-6220

Keywords

Article
Publication date: 23 November 2022

Fabian Maximilian Johannes Teichmann and Chiara Wittmann

This paper aims to elucidate the practical and theoretical mechanisms which contribute to the perception of an economic sanction’s effectiveness as a foreign policy tool.

Abstract

Purpose

This paper aims to elucidate the practical and theoretical mechanisms which contribute to the perception of an economic sanction’s effectiveness as a foreign policy tool.

Design/methodology/approach

This paper is divided into three sections, the first two of which are heavily based on the current academic literature and media presentation of sanctions. The third section is rooted in the empirical approach presented in the first author’s exploratory work, Methods of Money Laundering (2021).

Findings

Economic sanctions cannot be perceived as effective when the standard for efficacy remains undefined and sanction circumvention remains feasible. The public perception of sanctions is characterized by a series of assumptions as well as conflict foreign policy objectives, which cultivate an economic theory that is benefited by a practical exploration of the routes of circumvention.

Originality/value

The efficacy of economic sanctions is not a stable equation, but rather the application of an economic tool which is dependent on its context. Paths of sanction circumvention remain open due to weaknesses in compliance regulation. These paths continue to undermine the credibility of sanctions and, ultimately, their efficacy.

Details

Journal of Financial Crime, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 22 November 2022

Mohammad Hossein Ronaghi

The blockchain technology is based on distributed ledger. Many stakeholders, such as developers, entrepreneurs and technology lovers, consider the blockchain as an…

Abstract

Purpose

The blockchain technology is based on distributed ledger. Many stakeholders, such as developers, entrepreneurs and technology lovers, consider the blockchain as an economic and business re-creation that is faced with numerous challenges in its application. Blockchain technology is the backbone of many digital currencies, i.e. Bitcoin and Ethereum. Although presently digital currencies are recognized as payment and exchange instruments in many countries, the economic sanctions imposed on some countries have restricted the possibility of the trading. So, this study seeks to evaluate the adoption of blockchain for digital currency use in Iran in the shadow of economic sanctions.

Design/methodology/approach

The developed value-based technology adoption model and smart PLS software have been used in this research. The statistical population of the study was people active in the Iranian stock market; the purpose for this selection was their familiarity with financial and digital currency issues.

Findings

The results show that the terms of sanctions, usage and facilitating conditions are directly related to users' perceived value of digital currency and its use; As a result, in a sanctioned country like Iran, the use of digital currencies is being accepted as a way of rolling out economic sanctions and thus making commercial payments.

Originality/value

As well as the fact that evaluating the adoption of the blockchain technology in a sanctioned country like Iran is considered as the originality aspect of the research, applying an extended model in the technology adoption is also the research innovation.

Details

Management Decision, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0025-1747

Keywords

Book part
Publication date: 21 October 2019

Beata Stępień and Patrick Weber

The probability of sanctions’ effectiveness increases not only due to their severity for the target country’s economy but is also a function of adherence to their…

Abstract

The probability of sanctions’ effectiveness increases not only due to their severity for the target country’s economy but is also a function of adherence to their principles by enterprises from senders’ countries. Sanctions avoidance and increasing investments in the target country (the observed behavior of many companies facing the European Union (EU) sanctions against Russia which were imposed in 2014) mitigate the impact of these restrictive measures. In this chapter we show (by analyzing adaptation strategies of EU enterprises affected by sanctions imposed on Russia by EU) how particular types of strategies affect the effectiveness of sanctions and what factors determine the choice of their respective behavior. We draw our conclusions from the online survey of more than 1,000 responses from British, French, German, Italian, and Polish enterprises. We find that while administrative burdens make conformance to sanctions more likely, market dependency and non-tangible assets in the target country induce strategies that challenge sanction policies. We conclude that the EU–Russian sanctions dispute incentivizes European companies to increase their engagement in Russia. These so-called defiance strategies diminish the real economic effect of the sanctions and generate a new equilibrium which outlasts the lifting of these restrictive measures and has negative long-term political implications.

Details

International Business in a VUCA World: The Changing Role of States and Firms
Type: Book
ISBN: 978-1-83867-256-0

Keywords

Book part
Publication date: 15 July 2009

Maraike Wenzel and Sami Faltas

On December 24, 1989, an armed insurrection began in Liberia. Charles Taylor, a former government official, led a rebel force, the National Patriotic Front of Liberia

Abstract

On December 24, 1989, an armed insurrection began in Liberia. Charles Taylor, a former government official, led a rebel force, the National Patriotic Front of Liberia (NPFL), into the north-eastern Nimba County. A breakaway faction, the Independent National Patriotic Front (INPFL), led by Prince Yormie Johnson gained control of central Monrovia – the capital – and killed the President Samuel Doe. The Economic Community of West African States (ECOWAS) intervened in August 1990, sending monitoring troops (the ECOWAS Military Observer Group, ECOMOG), and convened a national conference which elected an Interim Government of National Unity. In October 1990, ECOMOG established a neutral zone in Monrovia where Dr. Amos Sawyer was installed as Interim President in November. Various different factions and opposition groups were formed and clashes between the rebel groups and the Liberian army continued.

Details

Putting Teeth in the Tiger: Improving the Effectiveness of Arms Embargoes
Type: Book
ISBN: 978-1-84855-202-9

Book part
Publication date: 9 June 2015

David Cadden

This chapter traces the history of animosity between the United States and Iran that characterizes the current relationship between the two countries which were once close…

Abstract

This chapter traces the history of animosity between the United States and Iran that characterizes the current relationship between the two countries which were once close diplomatic, economic, and political allies. The chapter identifies the various cultural, economic, and political factors that have contributed to the hostility between these two countries and focuses particularly on the UN and US sanctions that have been imposed on Iran because of its overt and covert nuclear programs. The chapter concludes with a discussion on how the lifting of sanctions might allow the United States and Iran to rebuild a strategic partnership.

Details

Reintegrating Iran with the West: Challenges and Opportunities
Type: Book
ISBN: 978-1-78441-742-0

Keywords

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