March 16, 2012 | Quote
Sanctioned Iran Banks Being Cut Off From Global Network
Mark Dubowitz, a sanctions specialist in Washington who advised U.S. lawmakers on the Swift legislation, said yesterday’s decision, if strictly implemented, could limit the ability of Iran’s banks “to move billions of dollars in financial transactions, and put immense pressure on Iran’s leaders to reconsider their policies.”
In its 39 years, Swift has never expelled an institution. Swift transmits an average of 17 million financial messages a day, facilitating trillions of dollars in cross-border payments, officials said. According to its annual report, 19 Iranian member banks and 25 financial institutions sent and received 2 million messages through Swift in 2010.
Swift’s unprecedented action, Dubowitz said in an interview, underscores “the growing political isolation of Iran as it becomes the first country to be expelled from what is the financial equivalent of the United Nations.”