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March 8th, 2012 
FAKE NEWS for the Zionist agenda The new law, being worked on at the House of Representatives, would force European and Asian banks that have US accounts to regularly and directly submit reports to the US Treasury on their transactions with the Central Bank of Iran (CBI), Iranian financial institutions, including services they have provided and the amount of any funds held for or on behalf of the Iranian company.
“There is growing suspicion that European and Asian banks are not fully disclosing sanctionable activity and that the Treasury Department may not have enough information available to build the legal case to designate such institutions,” a congressional aide said.
American lawmakers are planning to introduce the legislation as early as next week as an amendment to another Iran bill in the Senate that targets Iran’s national oil and shipping companies.
On the New Year’s Eve, President Obama signed into a law draft sanctions targeting Central Bank of Iran and financial sector over Tehran’s nuclear energy program.
The sanctions measure requires foreign financial institutions to make a choice between transactions with the CBI and Iran’s oil and financial sector or blockage from the US economy.
Under the first phase of the sanctions, certain measures begin to take effect in 60 days, including sanctions on purchases not related to oil and the sale of oil products to Iran through private banks.
When the Obama administration’s second round of sanctions go into effect in mid-year, countries that do not significantly reduce their reliance on Iranian oil could see their financial institutions blocked from US markets.
The United States, Israel, and some of their allies accuse Iran of pursuing military objectives in its nuclear energy program.
Iran rejects allegations of pursuing military objectives in its nuclear energy program, arguing that as a committed signatory to the nuclear Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes.
AR/GHN
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