On July 31st, the Treasury Department announced the imposition of sanctions under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 against two financial institutions for knowingly facilitating significant transactions and providing significant financial services for designated Iranian banks. The financial institutions sanctioned today are Bank of Kunlun in China and Elaf Islamic Bank in Iraq. The action against Bank of Kunlun and Elaf Islamic Bank effectively bars them from directly accessing the U.S. financial system. As a result of the sanctions imposed, financial institutions may not open correspondent or payable-through accounts for Bank of Kunlun or Elaf Islamic Bank in the United States and any financial institutions that currently hold such accounts must close them within 10 days. Treasury Department July 31st Press Release. On August 1st, the Treasury Department designated five key leaders of the Camorra, one of Europe's largest criminal organizations, under its authority to impose sanctions targeting transnational organized crime. The Camorra leaders designated are Antonio Iovine, Michele Zagaria, Mario Caterino, Paolo Di Mauro, and Giuseppe Dell'Aquila, all leaders or senior members of Camorra clans. Treasury Department August 1st Press Release.