Obligated to Iran

by Rachel Ehrenfeld

Beginning February 2013, Iran has received billions of dollars in sanctions relief as incentives to attend negotiations with the United States and others, in Geneva. However, from March 2012, until January 2016, when the U.S. lifted the sanctions, Iranian banks were not connected to the Belgium-based SWIFT *Society for Worldwide Interbank Financial Telecommunication) system. How did the regime access that money?

"Nobody could pay the Iranians via normal lines, not even in euros," a European oil trader was quoted saying.

Following Ayatollah Ali Khamenei's complaint that Iran's banks are still under sanctions (due to its sponsorship of international terrorism), the Obama administration decided to circumvent U.S. anti-money laundering laws to help Iran's economy.

Rep. Ed Royce (R-CA), Chairman of the House Foreign Affairs Committee, has pointed out that the Obama administration's plan, allowing Iran "access to U.S. dollars through offshore clearinghouses," undermines U.S. and international anti-money laundering laws." His Washington Post article last week argued the "U.S. must not aid and abet Iranian money laundering."....To Read More