SWIFT to Keep Iran Out of its Financial Clearinghouse

Stop Fundamentalism – Worlds most import financial hub, SWIFT, will have to reconsider its relationship with all Iranian Banks once the European Union introduces its new regulations to sanction the Islamic Republic’s financial institutions, limiting their access to international financial resources.

 “The European Union is preparing regulations that will shut out Iran’s banks from a major financial clearinghouse used by virtually every country in the world,” a Senior European Union official told Associated Press Thursday.  The official who wanted to stay anonymous told AP reporter that the “regulations should be adopted rather quickly.”

SWIFT, the Society for Worldwide Interbank Financial Telecommunication, which handles cross-border payments, said it is prepared to cutoff Iranian banks. 

The measure by the European Union is part of expanding sanctions against Iran to convince the rulers of this country to come clean about their clandestine nuclear program.

A delegation of IAEA nuclear experts, which is the United Nations nuclear watchdog agency, returned empty-handed from a two day visit to Tehran Wednesday announcing its failure to make any progress. That was agency’s second visit in less than a month.

It is now said that in both visits, Iran responded negatively to a request from the inspectors to visit a nuclear site by the name of ‘Parchin’.  Parchin is located inside a military zone.  It is suspected that Iran has tested a nuclear warhead in this location.

Iran is under mounting international pressure to clear suspicions about its nuclear program and allow IAEA inspectors to visit its nuclear sites.  The Central Bank of Iran and also oil imports from the country are now banned in Europe and United States.