Iran Dealings Could Earn Insurers Sanctions Under New Bill

Law360, Washington (March 8, 2012, 6:40 PM EST) -- Reps. Brad Sherman, D-Calif., and Ileana Ros-Lehtinen, R-Fla., introduced a bill Thursday that would expand nuclear program-related sanctions against Iran's banking sector to the service responsible for global wire transfers as well as insurers who cover those doing business with Iran.

The bill would build on efforts to sanction the Society for Worldwide Interbank Financial Telecommunication unless it discontinues the practice of allowing Iranian banks to utilize its communications services. The legislation would mean SWIFT would be sanctioned as long as it conducts services on behalf...
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