Alerts

The Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010: The Relevant Implementing Regulations, and the Resulting Impact on Financial Institutions

September 22, 2010

On July 1, 2010, President Obama signed into law the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (“CISADA”). Congress enacted the CISADA in order to help “prevent Iran from developing nuclear weapons,” thereby protecting “the essential security interests of the United States.” Among other things, Congress expressed its sense that “international diplomatic efforts to address Iran’s illicit nuclear efforts and support for international terrorism are more likely to be effective if strong additional sanctions are imposed on the Government of Iran.”