While the rest of us are watching certain businesses and industries getting in line for a turn at the taxpayers’ teet, in the name of a so-called ‘rescue package,’ no one noticed the real work being done to keep us safe by keeping on top of Iran. From World Tribune . . .
U.S. officials said the Treasury Department would block short-term money transfers in the United States, a method used by the Teheran regime.
The so-called U-turn” bank transfers were designed to move money through the United States en route to offshore banks.
Under the measure, Treasury would outlaw the processing of U-turn transfers by U.S.-licensed banks. Officials said the restriction would prevent most transfers by non-Iranian offshore banks for Iranian entities. “This regulatory action will close the last general entry point for Iran to the U.S. financial system,” Treasury said.
Officials said Iranian banks and the Teheran government were increasingly using U-turn to avoid U.S. sanctions. They said Teheran recruited Asian, African and European banks to handle Iranian foreign transactions.
The Bush administration has determined that Iranian banks were aiding Teheran’s missile and nuclear program. Treasury has already imposed sanctions on such Iranian state-owned banks as Melli, Mellat, Saderat, Sepah, Future Bank and the Export Development Bank of Iran.
The latest measure, announced on Nov. 6, stipulated that no U.S.-licensed bank could conduct a U-turn transaction for Iran. Officials said the exception would be the transfer of Iranian funds
to families or humanitarian relief. The United States contains a small but wealthy Iranian community, mainly located in Los Angeles.
Thank you President Bush for not dropping the ball. I can’t help but wonder how, or if, President-elect Obama would handle this?
