Friday, December 28, 2012

UANI Applauds Treasury Department for Closing Foreign Subsidiary Loophole to Iran Sanctions Law


December 28, 2012
Contact: Nathan Carleton, 
Phone: (212) 554-3296

UANI Applauds Treasury Department for Closing Foreign Subsidiary Loophole to Iran Sanctions Law

New York - On Friday, United Against Nuclear Iran (UANI) applauded the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) for clarifying U.S. law regarding companies that do business in Iran through foreign subsidiaries.

In a notice this week, OFAC ruled that companies cannot engage in business with the Government of Iran "directly or indirectly" and that "all transactions ... necessary to the winding-down of [such] transactions" will be temporarily authorized until March 8, 2013.

Said UANI CEO, Ambassador Mark D. Wallace:

We applaud the Treasury Department for taking action to enforce Iran sanctions law. Treasury's notice effectively closes the foreign subsidiary loophole in U.S. sanctions, and sends a clear and direct message: companies doing business with the Iranian regime have no more excuses. They must end all their Iran business by March 8 or face serious legal and reputational repercussions.

We will continue to call for and pressure companies around the world to end their business in Iran, and stop providing the Iranian regime with a lifeline to stay in power and maintain its nuclear program. By continuing to undermine Iran's economy, the world can force the regime to choose between having a nuclear weapon or having a functioning economy.

United Against Nuclear Iran (UANI) is a program of the American Coalition Against Nuclear Iran, Inc., a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code.

The prospect of a nuclear-armed Iran should concern every American and be unacceptable to the community of nations. Since 1979 the Iranian regime, most recently under President Mahmoud Ahmadinejad's leadership, has demonstrated increasingly threatening behavior and rhetoric toward the US and the West. Iran continues to defy the International Atomic Energy Agency (IAEA) and the United Nations in their attempts to monitor its nuclear activities. A number of Arab states have warned that Iran's development of nuclear weapons poses a threat to Middle East stability and could provoke a regional nuclear arms race. In short, the prospect of a nuclear armed Iran is a danger to world peace.

United Against Nuclear Iran (UANI) is a non-partisan, broad-based coalition that is united in a commitment to prevent Iran from fulfilling its ambition to become a regional super-power possessing nuclear weapons.  UANI is an issue-based coalition in which each coalition member will have its own interests as well as the collective goal of advancing an Iran free of nuclear weapons.

The Objectives of United Against a Nuclear Iran
  1. Inform the public about the nature of the Iranian regime, including its desire and intent to possess nuclear weapons, as well as Iran's role as a state sponsor of global terrorism, and a major violator of human rights at home and abroad;
  2. Heighten awareness nationally and internationally about the danger that a nuclear armed Iran poses to the region and the world;
  3. Mobilize public support, utilize media outreach, and persuade our elected leaders to voice a robust and united American opposition to a nuclear Iran;
  4. Lay the groundwork for effective US policies in coordination with European and other allies;
  5. Persuade the regime in Tehran to desist from its quest for nuclear weapons, while striving not to punish the Iranian people, and;
  6. Promote efforts that focus on vigorous national and international, social, economic, political and diplomatic measures.
UANI is led by an advisory board of outstanding national figures representing all sectors of our country.

American Coalition Against Nuclear Iran | 45 Rockefeller Plaza | New York | NY | 10111

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