Freeze! How Sanctions Really Work
At dinner tables, around water coolers, and in political debates around the country, many are confused about what capital markets do and if they matter to Main Street. Many in Washington, D.C. question the value of capital markets. Third Way's Capital Markets 101 sessions were launched to help answer many of the questions surrounding what capital markets do in order to have a more nuanced, thoughtful policy debate, and help policymakers understand the value capital markets provide to all Americans.
As the debate on how to stop Iran’s nuclear program heats up, sanctions play a critical role. On March 8th, our featured guests were Jonathan Burke, Briant Grant, and Brian Ferrell. They are part of the Anti-Money Laundering Regulatory Compliance Practice with Ernst & Young where they advise global financial institutions on the risks of money laundering and sanctions as well as the effectiveness of their related compliance programs.
Prior to joining Ernst & Young:
- Brian Ferrell served as chief counsel in the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and Assistant Vice President and Assistant General Counsel in the Corporate Compliance Unit of The Hartford Financial Services Group.
- Brian Grant spent ten years at the Treasury Department in various capacities, including with the Office of Foreign Assets Control (OFAC), Office of Intelligence and Analysis, and as director of Global Affairs within Treasury’s Office of Terrorist Financing and Financial Crimes.
- Until recently, Jonathan Burke was a senior policy advisor in the Treasury Department’s Office of Terrorism and Financial Intelligence where he developed and implemented strategies related to Iran sanctions.
This Capital Markets 101 session explained the fundamentals of economic sanctions—how they work, which bodies impose them, and how countries try to get around them. Iran served as a case-study for how sanctioned countries feel the pinch.