Swift Prepared To Cut Off Iranian Wire Transfers

Law360, New York (February 17, 2012, 6:40 PM EST) -- The service responsible for global wire transfers said Friday that it was ready to freeze out Iranian banks that are placed under international sanctions as pressure over that country's nuclear program continues to build.

The Society for Worldwide International Financial Telecommunication, a Belgian firm better known as Swift, said it would bar any Iranian bank from using its financial communications and clearing system when the European Union finalizes a new sanctions regime that is being negotiated.

“Swift stands ready to act and discontinue its services to...
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