UANI

UANI launched its SWIFT Campaign in January 2012 to call upon the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to comply with U.S. and EU sanctions as well as its own bylaws and terminate its relationship with and deny access to all Iranian financial institutions, including the Central Bank of Iran. Headquartered in Belgium, SWIFT is the primary global means to transfer money electronically between banks. Absent access to SWIFT, the dictatorial regime of Iran would be severely impeded in financing its illicit nuclear program and terrorist activities. SWIFT’s continued presence in Iran provides the essential electronic means for the Iranian regime to finance this behavior.

The initiation of UANI’s unprecedented campaign, which was announced by The New York Times, quickly placed SWIFT on the defensive. On February 17, 2012, SWIFT declared it was prepared to “discontinue its services to sanctioned Iranian financial institutions.” Following the passage of corresponding EU sanctions, SWIFT announced on March 15, 2012 that it was expelling as many as 30 Iranian financial institutions, including the Central Bank of Iran.

The SWIFT sanctions have dealt a severe blow to the Iranian economy and precipitated a currency crisis by denying Iran new sources of foreign currency reserves. With electronic bank transactions largely blocked, the Iranian regime is having immense difficulty recouping billions of dollars from its oil sales.

Loopholes, however, remain as some Iranian financial institutions retain access to SWIFT. UANI is calling on SWIFT to immediately cut off all Iranian banks and entities from the SWIFT network. UANI’s position is supported by U.S. legislation. The Iran Threat Reduction and Syria Human Rights Act of 2012, signed into law in August 2012, imposes sanctions on any entity “providing, enabling, or facilitating access to specialized financial messaging services for the Central Bank of Iran or a U.S.-designated Iranian-linked financial institution.” As confirmed in the chart below, this is exactly what SWIFT is providing for 12 U.S.-designated Iranian banks that remain connected to its network.

SWIFT must immediately expel these 12 banks or face U.S. sanctions. Additionally, the EU must be in lockstep with the U.S. on Iran sanctions by blacklisting these Iranian banks. With these actions, the Iranian regime will be one step closer facing a comprehensive international banking blockade.

Iranian Banks Connected to the SWIFT Network

UANI Media Coverage

• Reuters. “U.S. Congress pushes to finalize new Iran sanctions package” (July 25, 2012)
• The Hill. “Banking group faces pressure to cut Iran ties” (March 18, 2012)
• The New York Times (A6). “Swift, a Banking Network, Agrees to Expel Iranian Banks” (March 16, 2012)
• Associated Press. “Iran cut off from global financial system” (March 15, 2012)
• The Wall Street Journal. “Swift To Comply With EU Ban On Blacklisted Entities” (March 15, 2012)
• Associated Press. “A primer on Belgian company key to Iran sanctions” (February 23, 2012)
• The New York Times (A4). “Negotiations With Iran Over Nuclear Program May Resume” (February 18, 2012)
• The Wall Street Journal (A7). “Iran Banks Face Increasing Pressure From the West” (February 18, 2012)
• The Wall Street Journal. “Swift Prepares Ban On Blacklisted Iranian Banks, Companies” (February 17, 2012)
• Agence France Presse. “US presses EU to close SWIFT network to Iran” (February 16, 2012)
• The Wall Street Journal. “Banking Hub Adds to Pressure on Iran” (February 4, 2012)
• The New York Times (A10). “Senate Panel Approves Potentially Toughest Penalty Yet Against Iran’s Wallet” (February 3, 2012)
• The New York Times (A4).“Iran Praises Nuclear Talks With Team From U.N.” (February 1, 2012)

Press Releases

• “UANI Calls on Senator Johnson & U.S. Lawmakers to Restore Language to Iran Sanctions Legislation that Would Sanction SWIFT” (July 25, 2012)
• “Following New U.S. Sanctions Against Iran, UANI Calls on SWIFT to Sever Ties with All Iranian Banks” (July 13, 2012)
• “UANI Calls for International Banking Blockade on Iran” (March 16, 2012)
• “UANI Issues Statement Following SWIFT’s Announcement to Discontinue Services to EU-Sanctioned Iranian Financial Institutions” (March 15, 2012)
• “UANI Calls on Allied Engineering Group, Lebanese Central Bank to Close Lebanese Electronic Gateway for Iranian Funds” (February 21, 2012)
• “UANI Statement on SWIFT’s Decision to Discontinue Services to Iranian Institutions” (February 17, 2012)
• “UANI Calls on SWIFT’s Board of Directors to Take Action to End SWIFT’s Relationships with Iranian Financial Institutions” (February 7, 2012)
• “UANI Responds to SWIFT's Latest Statement Regarding Its Relationships with Iranian Financial Institutions” (February 3, 2012)
• “UANI Applauds Senate Banking Committee for Passing SWIFT Amendment, Urges Senate to Move Forward on Iran Sanctions Legislation” (February 2, 2012)
• “UANI Responds to SWIFT's Statement Regarding its Relationships with Iranian Banks and Institutions” (February 2, 2012)
• “UANI Launches SWIFT Campaign” (February 1, 2012)

Letters

• UANI Letter to SWIFT Board Members (January 31, 2012)
• UANI Letter to SWIFT (January 30, 2012)