[mewzilla]

From this September '06 link...

Prepared Remarks by Stuart Levey Under Secretary for Terrorism and Financial Intelligence Before the American Enterprise Institute for Public Policy Research

From the link:

First, while Iranian financial institutions are prohibited from directly accessing the U.S. financial system, they are permitted to do so indirectly through a third country bank for payment to another third country bank. Today, we have cut off one of the largest Iranian state-owned banks, Bank Saderat, from the U.S. financial system. Here is why: This bank, which has approximately 3400 branch offices, is used by the Government of Iran to transfer money to terrorist organizations. Iran uses Saderat to transfer money to Hizballah. Iran also uses it to transfer money to E.U. designated terrorist groups Hamas, the PFLP-GC and the Palestinian Islamic Jihad. For example, since 2001, a Hizballah-controlled organization received $50 million directly from Iran through Saderat. Hizballah uses Saderat to send money to other terrorist organizations as well. Hizballah has used Bank Saderat to transfer funds, sometimes in the millions of dollars, to support the activities of other terrorist organizations such as Hamas in Gaza. We will no longer allow a bank like Saderat to do business in the American financial system, even indirectly.

Paging the Brits...

[kinoxi]

Last time I checked a pound was heavier than...

[humint]

First, while Iranian financial institutions are prohibited from directly accessing the U.S. financial system, they are permitted to do so indirectly through a third country bank for payment to another third country bank. Today, we have cut off one of the largest Iranian state-owned banks, Bank Saderat, from the U.S. financial system. Here is why: This bank, which has approximately 3400 branch offices, is used by the Government of Iran to transfer money to terrorist organizations. Iran uses Saderat to transfer money to Hizballah. Iran also uses it to transfer money to E.U. designated terrorist groups Hamas, the PFLP-GC and the Palestinian Islamic Jihad.

Thanks for the link