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London's Terror Bank

[Wall Street Journal] Editorial - Almost two years after the U.S. cut off Bank Saderat's access to American finance, and close to a year since the Bush Administration diagrammed the electronic money trail from Tehran to terror via London, Bank Saderat PLC continues to do business in the UK. In March, the UN Security Council imposed its third round of sanctions against Iran for its refusal to halt its nuclear weapons program. Included in the sanctions package was a warning to all countries "to exercise vigilance" on transactions with all Iranian banks, but especially Bank Saderat and Bank Melli, due to the risk that such transactions could support illicit nuclear activities. Just this month, the Brits joined with U.S. and French officials in sending a letter to the UN Security Council warning against "Iran's continued attempts to conduct prohibited proliferation-related activity and terrorist financing." Given that Bank Saderat PLC has been precisely the mechanism to get money to terrorists, it's hard to understand why the rogue financial institution still enjoys a home in London. British action could be particularly beneficial now, as the policy of isolating Iran from the international banking system appears to be putting genuine stress on Mahmoud Ahmadinejad's government. Almost all of the world's commercial banks have ceased doing business with Iran, making even routine trade a logistical challenge. It's not a coincidence that Iran's economy has been struggling even amid an oil boom, or that internal dissent against the Iranian government is increasing.
2008-08-21 08:00:00
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