(ABC News) Kirit Radia - The U.S. and its British and Canadian allies are preparing to roll out a coordinated set of sanctions against Iran on Monday amid growing concern that Tehran is pursuing a nuclear weapon, sources tell ABC News. U.S. officials say they target Iran's nuclear sector as well as plugging key gaps that have allowed Iran to work around existing sanctions on its energy and financial sectors. EU ministers are to meet on Dec. 1 to consider their own sanctions. The Treasury Department, meanwhile, is expected to issue a finding that the Iranian financial system is a "jurisdiction of primary money laundering concern." This enables the Secretary of the Treasury to require American banks to conduct additional reporting to ensure their corresponding foreign accounts are not indirectly dealing with Iran. That extra vigilance, officials say, will have a cascade effect where foreign financial institutions are more reluctant to do business with Iran.
2011-11-21 00:00:00Full ArticleBACK Visit the Daily Alert Archive