UANI Issues Statement Following SWIFT’s Announcement to Discontinue Services to EU-Sanctioned Iranian Financial Institutions
March 15 2012 - 2:10PM
Business Wire
United Against Nuclear Iran (UANI) CEO, Ambassador Mark D.
Wallace, issued the following statement Thursday regarding SWIFT’s
announcement that it will “discontinue its communications services
to Iranian financial institutions that are subject to European
sanctions,” beginning Saturday at 16:00 GMT:
UANI applauds SWIFT for making the correct
decision. The Iranian regime should not have access to the
international financial system, and this is a significant step in
the right direction.
We continue to call on SWIFT to discontinue
financial services to Iranian financial institutions that are also
subject to U.S. sanctions, several of which the EU has not itself
designated. Ultimately and as soon as possible, SWIFT must
disconnect all Iranian financial institutions, given that the
Iranian regime will obviously try to use non-designated banks to
circumvent these regulations. SWIFT must comply with U.S. law.
We accordingly also call on U.S. lawmakers to
sanction all Iranian banks. In order to implement the most robust
sanctions in history, Iran should be cut off from the international
banking system. Responsible countries and institutions must comply
with the international banking blockade on Iran.
UANI launched its SWIFT campaign in January, submitting a
detailed legal explanation to SWIFT, international banking and
regulatory officials, and U.S. lawmakers, showing how SWIFT was in
violation of U.S. and EU sanctions--as well as its own bylaws--by
affording Iranian banks BICs and access to the SWIFT system.
UANI also sent its analysis to individual members of SWIFT's
Board of Directors, stating that “SWIFT jeopardizes its good
reputation if it continues its work with Iran's financial
institutions.”
That week, members of the U.S. Senate drafted and introduced an
amendment that would sanction SWIFT. SWIFT, after initially
defending its work with Iran, subsequently pledged to “find the
right multilateral legal framework which will enable SWIFT to
address the issues.”
UANI has also been in consultations with international banking
regulatory officials, after calling on regulators to "take
immediate action to ensure SWIFT's compliance with applicable U.S.
and EU sanctions law and to ensure that SWIFT complies with its own
rules related to corporate governance and membership
eligibility."
Click here to read UANI's original letter to SWIFT.