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February 15th, 2012 
FAKE NEWS for the Zionist agenda According to The Wall Street Journal, senior US and European officials hope that the measure will drastically cut Tehran’s ability to conduct global financial transactions.
The US and EU imposed sanctions on Iran’s oil and financial sectors, respectively on December 31, 2011, and January 23, to ban other countries from doing transaction with Iranian banks, including the central bank, and importing its oil.
The clearing system, known as the Society for Worldwide Interbank Financial Telecommunication (SWIFT), oversees the network used by most of the world’s largest banks to conduct financial wire transfers.
American lawmakers have charged in recent weeks that Iranian companies and banks blacklisted by the US and EU have been using SWIFT to evade international sanctions.
The Wall Street Journal added that both houses of the US Congress have also drafted a legislation threatening to penalize SWIFT’s board of directors and owners if they didn’t ban the suspect Iranian entities from using its network.
The paper also quoted unnamed European and US officials as saying that a formal ruling by EU financial regulators on SWIFT is expected by late February or early March, and the SWIFT’s board is expected to comply.
“Yes, [it’s a] done deal…. [It] should be explicitly confirmed by the end of February, [or] early March,” said a European official.
Earlier this month, SWIFT released a statement saying, “We are working with US and EU authorities…to find the right multilateral legal framework which will enable SWIFT to address the issues.”
According to SWIFT’s public records, many of Iran’s largest banks, including Sepah, Saderat, and Mellat banks, which have been targeted by US and EU sanctions, have continued to use the SWIFT system in recent months.
Congressional officials said they are not certain if the new EU regulations will also ban Iran’s central bank from using SWIFT.
SWIFT handles cross-border payments for more than 10,000 financial institutions and corporations in 210 countries. It enables users exchange financial information securely and reliably, thereby lowering costs and reducing risks.
Established in 1973, the system has been overseen by major central banks, including the US Federal Reserve and the European Central Bank.
SS/AZ/HGH
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