SWIFT to cut off Iranian banks

Submitted by siavash on Thu, 03/15/2012 - 20:05

 SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 financial institutions and corporations in 210 countries.

Following an EU Council decision, SWIFT is today announcing it has been instructed to discontinue its communications services to Iranian financial institutions that are subject to European sanctions.Statement on SWIFT (Society for Worldwide Interbank Financial Telecommunication )website

“This EU decision forces SWIFT to take action” said Lázaro Campos, CEO of SWIFT. “Disconnecting banks is an extraordinary and unprecedented step for SWIFT.

It is a direct result of international and multilateral action to intensify financial sanctions against Iran.”

The EU-sanctioned Iranian financial institutions and the SWIFT customer community have been notified of the disconnection, which will become effective on Saturday 17 March at 16.00 GMT

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