Special to WorldTribune.com

WASHINGTON — The United States has ordered sanctions on Iran’s
Central Bank.

President Barack Obama has informed Congress that sanctions would be
required to hamper Iran’s Central Bank and other financial institutions. In
a letter on Feb. 6, Obama said the Central Bank was hiding transactions of
those Iranians already under sanctions.

“I have determined that additional sanctions are warranted, particularly in light of the deceptive practices of the Central Bank of Iran and other Iranian banks to conceal transactions of sanctioned parties, the deficiencies in Iran’s anti-money laundering regime and the weaknesses in its implementation, and the continuing and unacceptable risk posed to the
international financial system by Iran’s activities,” Obama said.

The presidential directive, signed on Feb. 5, included the Teheran
government, Central Bank of Iran as well as “any Iranian financial
institution.” Obama said the order did not apply to Iranian government property frozen by Washington in 1979.

“In addition, nothing in the order prohibits transactions for the
conduct of the official business of the federal government by employees, grantees, or contractors thereof,” Obama said.

The Treasury Department said foreign banks that deal with the Iranian Central Bank would be harmed by the U.S. sanctions if their transactions
were significant. Those engaged in “arms-length transactions” with the
Central Bank would not affected.

“Under the order, the government of Iran, the Central Bank of Iran, and
all Iranian financial institutions are now blocked, i.e. their assets within
the jurisdiction of U.S. persons are frozen,” Treasury said. “Those foreign
financial institutions remain at risk of U.S. sanctions if they engage in
certain significant financial transactions with the Central Bank of Iran or
certain other designated Iranian financial institutions pursuant to the
NDAA, or the Comprehensive Iran Sanctions, Accountability, and Divestment
Act of 2010.”

  anti-money laundering, Barack Obama, Obama sanctions Iran’s Central Bank, Teheran, U.S. Treasury Department