US targets Iranian state bank

Washington - The US government on Friday announced that it has banned an Iranian-owned bank, Bank Saderat, from having any direct or indirect ties to US financial institutions. The US Treasury Department said the bank is used to transfer funds to terrorist groups like Lebanon-based Hezbollah and Palestinian militants. 'It is remarkable that Iran has a nine-digit line item in its budget to support terrorism,' said Stuart Levey, the department's undersecretary for terrorism and financial intelligence. Hezbollah has received 50 million dollars in transfers though Bank Saderat since 2001, the department said. Under strict US sanctions on Iran that have been in place since the 1980s, US banks were permitted to handle transactions that involved an Iranian bank provided the transaction began and ended with a non-Iranian entity, known as 'U-turn' deals. 'By prohibiting U-turn and all other transactions with Bank Saderat, the bank is denied all direct and indirect access to the US financial system,' Levey said. © 2006 dpa - Deutsche Presse-Agentur

And Also

The Decade: Film's 10 Best Music Moments In The Aughts

The Decade: Film's 10 Best Music Moments In The Aughts - Cinema Blend
BioWare keen to stoke the Mass Effect 2 fire - The Tech Herald
Mysteries of "National Dog Show 2009," "Alton Brown Turkey," and "Ziggy Marley" Solved - PopEater
Chris Rock interview, Sons of Anarchy and Woody Allen shout out for 'Madagascar' star

US

US News

US targets Iranian state bank

And Also

Your Talkback on this Story

Similar articles

Latest Headlines in US

Older Talkback

From Sites we Like

In Monsters and Critics

Corporate

The Fine Print