Allied Compliance Consultants "ACC"

Newsletter

Poll

What is your Financial Institutions' main challenge?
	Corporate Governance
	Regulatory Compliance
	Anti-Money Laundering
	Risk Management
	Fraud & Financial Crimes
	All of the above

Newswire

Do not miss our unmatched world-class event: 'ACC 2nd Annual GRC & Financial Crimes Conference & Exhibition'-November 1-2, 2010 - Dubai, UAE. | Apply Now for 'ACC Achievement Awards 2010', ACC Honors the Best CO, MLRO, CRO & AFO. | Welcome to ACC website, We are your outsourced Compliance & Anti-Financial Crimes Business Partner. 'ACC' You Can Count on Us... | more..

You are here: Home > Ask The Expert > Review Inquiry

Ask The Expert

Hossam M. Abd El-Rahman

Title	Transactions with Syria
Add Date	19/7/2009
Sent By	Miassar
Position	Assist. Manager, AML Unit
Area	AML
Query	Dear Hossam, How are you? hope all well .. Great website .. really I have a question please... - What are the conditions of approving/rejecting a transaction/transfer/LC ....etc... to Syria? Kindly advice. Thank you very much
Answered By	Hossam M. Abd El-Rahman
Answer	Dear Miassar, Thanks a lot for your valuable feedback about ACC website, most appreciated. We always welcome your feedback and recommendations for improvement. Regarding your question about approving/rejecting a transaction / transfer / LC ....etc... to Syria, please find below my reply: 1- United States Department Of Justice - Office of Foreign Assets Control "OFAC" Sanctions: Syria is on the sanctions list of the US Treasury - Office of Foreign Assets Control "OFAC", Donations, export, reexport of goods to Syria are prohibited, For a complete overview of the US OFAC sanctions for Syria, please refer to this link: http://www.treas.gov/offices/enforcement/ofac/programs/syria/syria.pdf 2- United Nations "UN" Sanctions: Syria is not on the UN Sanctions, except for individuals involved in Rafiq Al-Hariri Assassination. 3- Eurpoean Union "EU" Sanctions: Syria is not on the EU Sanctions, except for individuals involved in Rafiq Al-Hariri Assassination. So as per the above, the answer to your question is as follows: 1- Transactions, transfers, LC's, donations involving US$ should be rejected. 2- Transactions, transfers, LC's, donations in any currency other than US$ are allowed except transactions involving the individuals involved in Rafiq Al-Hariri assassination should be rejected. Best Regards, Hossam M. Abd El-Rahman Allied Compliance Consultants "ACC

Login Form

Advertisements