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Banking Hub Adds to Pressure on Iran
(Wall Street Journal) Jay Solomon and Adam Entous - U.S. officials said that if the Belgium-based Society for Worldwide Interbank Financial Telecommunication, or Swift, bans sanctioned Iranian entities from using its network, Tehran could find itself virtually incapable of conducting electronic financial transactions. Swift said it is working with U.S. and European governments to address their concerns that its financial services are being used by Iran to avoid sanctions and conduct illicit business. On Thursday, the Senate Banking Committee passed a bill that could lead to sanctions against Swift's board of directors and ownership if the organization doesn't cut off Iran's central bank and other Iranian firms that have been sanctioned by the U.S. and EU. "Swift fully understands and appreciates the gravity of the situation," the organization said in a statement released Friday, referring to the new U.S. legislation.