Thursday, February 16, 2012

#IRAN : #SWIFT - US ‘expels’ Iranian banks from SWIFT

Posted by the medialens editors. Note the illegality of the US action.
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US ‘expels’ Iranian banks from SWIFT
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Posted by The Editors on February 16, 2012, 2:20 pm
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From: DP
Sent: 16 February 2012 02:12
To: Media Lens Editor
Subject: US ‘expels’ Iranian banks from SWIFT
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There has been a development in the Iran saga the significance of
which appears to have eluded the British press.


Barack Obama is trying to expel Iran from the Society for Worldwide Interbank
Financial Telecommunication (SWIFT), a place I used to work.


SWIFT handle any bank transfer over £25 which is more than half the money
that passes hands globally each day, many trillions of dollars.
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This is a near total financial blockade on Iran and on all Iranians.


This has never been done before.

Not only does it bypass the UNSC, it isn’t legal – US banks are individual members of SWIFT, and the US government has no jurisdiction over a European based independent
organisation.

They have done it by threatening to arrest the SWIFT directors unless they comply.

This could also destroy the business of SWIFT which is built solely on it’s reputation as a neutral and trustworthy third party, and lead the Chinese to set up an alternative
money transfer system.