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U.S. Says Banks Must Guard Against Tehran Sanctions Evasion

January 10, 2013

by RFE/RL

WASHINGTON -- The U.S. Treasury Department is calling on U.S. banks to more closely monitor financial exchange houses and trading companies in the Middle East and elsewhere for Iranian attempts to circumvent economic sanctions.

Adam Szubin, director of the Treasury's Office of Foreign Assets Control, said Tehran is "increasingly" turning to such markets and firms in countries not subject to U.S. sanctions.

He said Iran is moving funds for nuclear proliferation activities and to support terrorists.

He said the transactions, which normally would be done through banks, conceal Iranian companies and account-holders -- including individuals designated under U.S. sanctions.

Szubin said the trend results from sanctions by Washington, the European Union, and other U.S. allies.

The West accuses Tehran of attempting to build nuclear weapons.

Tehran says its nuclear program is peaceful.

With reporting by AFP and AP

Source: http://www.rferl.org/content/us-sanctions-on-iran/24820767.html

Copyright (c) 2013. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave., N.W. Washington DC 20036.