UANI Applauds Senate Banking Committee for Passing SWIFT Amendment, Urges Senate to Move Forward on Iran Sanctions Legislation

February 2, 2012

FOR IMMEDIATE RELEASE

February 2, 2012

Contact: Nathan Carleton, [email protected]

Phone: (212) 554-3296

     

UANI Applauds Senate Banking Committee for Passing SWIFT Amendment, Urges Senate to Move Forward on Iran Sanctions Legislation   

Senate Banking Committee Approves Bill Based on UANI Model Legislation

 

New York, NY - United Against Nuclear Iran (UANI) applauded the Senate Banking Committee today, and called on the U.S. Senate to strengthen sanctions on Iran by passing legislation that would target the Society for Worldwide Interbank Financial Telecommunication (SWIFT), require companies to disclose their Iran ties, and sanction parties that contribute to Iran's crackdown on dissidents.

 

The U.S. Banking Committee today voted on the Johnson-Shelby "Iran Sanctions, Accountability and Human Rights Act of 2012," based on UANI model legislation. Building on UANI's SWIFT campaign, the committee unanimously passed an amendment that would compel the SWIFT network to end its illegal relationships with Iranian banks and financial institutions.

 

Said UANI President, Ambassador Mark D. Wallace:

 

We thank Senator Robert Menendez, Representative Ileana Ros-Lehtinen, and others for their leadership in introducing legislation to toughen sanctions against Iran and end SWIFT's role in supporting Iran's financial activities.

 

The measures now up for Senate consideration are powerful ones, and UANI originally proposed them to ensure that institutions like SWIFT fully comply with US and European sanctions.

 

By quickly passing this legislation, the Senate can send a clear message to the Iranian regime, SWIFT, and every international institution--Iran is closed for business.

 

The Senate's consideration of Iran sanctions follows legislative action late last year in the U.S. House, when lawmakers passed the Iran Transparency and Accountability Act, which was based on UANI model regulations first devised in 2010 and introduced by Representative Ted Deutch (FL-19) after consultations with UANI. The Iran Transparency and Accountability Act would compel all publicly traded corporations availing themselves of U.S. capital markets to disclose the nature and extent of their Iran business to investors and the public in their public disclosure filings.

 

On Monday, January 30, UANI submitted a detailed legal explanation to SWIFT, international banking and regulatory officials, and U.S. lawmakers, showing how SWIFT is in violation of U.S. and EU sanctions by affording Iranian banks BICs and access to the SWIFT system. Earlier today UANI issued a statement, after SWIFT responded to UANI on its own website.

 

Click here to learn more about UANI's Model Legislation.

Click here to read UANI's full letter to SWIFT.

Click here to send a message to SWIFT.

 

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