In Case You Missed It: "This Could be a Potential Silver Bullet"

In Case You Missed It: "This Could be a Potential Silver Bullet"
UANI's SWIFT Campaign Highlighted by the Associated Press

A primer on Belgian company key to Iran sanctions

By Jonathan Fahey
Associated Press
February 23, 2012

A little-known company based in Belgium that facilitates many of the world's financial transactions has become central to the West's plan to prevent Iran from selling oil and other goods to raise money to fund its nuclear ambitions.

The company is called SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication. ... 

Sanctions by Western nations and the United Nations against Iran do not now target Iran's sale of oil. But if Iran and its banks are prevented from using SWIFT, it could be extremely difficult for the country to get paid for its oil. A single oil tanker delivery can be worth $100 million - far too much money to move any other way but electronically.

"This could be a potential silver bullet," said Mark Wallace, a former U.S. Ambassador to the United Nations who is now president of a group called United Against Nuclear Iran. ....

SWIFT outsources some of its message processing to regional contractors. Wallace's group has said that practice could open a loophole for Iran.

Click here to read the full article. 
Click here to send a message to SWIFT.

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