Iran TerrorismU.S. Treasury imposes sanctions on Iran's Bank Sepah

U.S. Treasury imposes sanctions on Iran’s Bank Sepah


Iran Focus: London, Jan. 09 – The United States Department of the Treasury blacklisted on Tuesday Iran’s Bank Sepah for providing support and services to designated Iranian proliferation firms. Iran Focus

London, Jan. 09 – The United States Department of the Treasury blacklisted on Tuesday Iran’s Bank Sepah for providing support and services to designated Iranian proliferation firms.

Bank Sepah International Plc, a wholly-owned subsidiary of Bank Sepah in the United Kingdom, and Ahmad Derakhshandeh, Bank Sepah’s Chairman and Director, were also designated, the Treasury said in a statement.

“Bank Sepah is the financial linchpin of Iran’s missile procurement network and has actively assisted Iran’s pursuit of missiles capable of carrying weapons of mass destruction”, said Stuart Levey, Treasury’s Under Secretary for Terrorism and Financial Intelligence (TFI).

“Our action today gives effect to the United Nation’s call on all nations to deny financial assistance to Iran’s nuclear and missile programs, and we urge other countries likewise to fulfil this serious obligation”, he said, adding, “The Government of Iran is facilitating its proliferation and terrorism activities through the world’s financial system, using its state-owned banks and an array of front companies and other deceptive techniques specifically designed to evade the controls of responsible financial institutions”.

Levey said that over the past several months, the U.S. Treasury had been sharing information with its foreign counterparts and key executives in the private sector about Tehran’s “deceptive practices” and discussing how best to safeguard the international financial system against them.

He described Bank Sepah, the fifth largest Iranian state-owned bank, as a “supporter of WMD proliferation”.

On December 23, the United Nations Security Council unanimously adopted Resolution 1737 to slap sanctions on Tehran for its refusal to suspend its uranium enrichment activities.

Bank Sepah has been a key provider of financial services to the Shahid Hemmat Industries Group (SHIG) and the Shahid Bakeri Industries Group (SBIG), two Iranian missile firms listed in the annex to the Resolution 1737 for their direct role in advancing Iran’s ballistic missile programs, Levey said.

In November, Iran Focus reported that a top Shiite militia chief in Iraq was receiving a regular salary from the Qods Force of Iran’s Revolutionary Guards through Sepah Bank.

In September, the Treasury announced that it had designated another Iranian bank, Bank Saderat, because of its “support for terrorism”.

Latest news

Iran: People of Khoy Still Reeling From 5.9-Magnitude Earthquake

An earthquake with a magnitude of 5.9 struck northwest Iran on Saturday, killing at least three people and injuring...

Iran’s Unsolvable Air Pollution Problem

Air pollution will remain at dangerous levels and will increase for the next few days in most big cities,...

The World Must Acknowledge the Iranian People’s Right to Self-defense

Victor Hugo once said: “When dictatorship is a fact, revolution becomes a right.” Throughout history, this has been the...

Iran: 60% Of Population Is Poor

The livelihood baskets of the Iranian people are shrinking dramatically. This, in turn, has introduced new concerns to protect...

The implications of EU’s terrorist designation of the Revolutionary Guards (IRGC)

The European Parliament called on January 18 for the European Union to list Iran's Revolutionary Guards (IRGC) as a...

Iran’s Regime Is Hiding Human Rights Violations In Its Prisons

With more than four months into Iran’s latest round of nationwide uprisings, the brutality of the Iranian regime’s security...

Must read

U.S. blacklists global network of Iranian ‘front’ companies

Reuters: A global network of private companies were blacklisted...

Ahmadinejad: Iran unafraid of UN Security Council

Iran Focus: Tehran, Iran, Jan. 14 – Iran’s hard-line...

You might also likeRELATED
Recommended to you