Brussels, 17/02/2012 (Agence Europe) - Global provider of secure financial messaging services SWIFT said on Friday 17 February that it stood ready to end its services to Iranian banks that are subject to European Union sanctions.
SWIFT (Society for Worldwide Interbank Financial Telecommunication) said in a press release that it is “ready to act and discontinue its services to sanctioned Iranian financial institutions” as soon as it has clarity on EU legislation currently being drafted. This decision follows extensive consultation with the SWIFT board, based in Brussels, and with relevant regulatory authorities. The decision “also reflects the extraordinary and highly exceptional circumstances of significant multi-lateral international support for the intensification of sanctions against Iran”, the press release adds. “We understand that the European Union is now drafting new international sanctions regulations which directly affect the ability of EU-based financial communication service providers (such as SWIFT) to provide their services to Iranian financial institutions subject to EU sanctions”, the press release states. “In addition, we are closely following the progress of a bill passed by the US Senate Banking Committee regarding Iran which has similar intention”, it goes on to say. (LC/transl.rt)