US designates Iran Bank as weapons proliferator

Washington, Jan 10: The United States has designated an Iranianstate-owned bank as a supporter of proliferation of weapons of massdestruction and urged other countries to consider similar actions aimedat blocking Tehran's illegal nuclear and missiles programme.

In a press statement released yesterday, the US TreasuryDepartment said Bank Sepah International Plc has provided financialsupport and services to a state-owned Iranian industrial group thatoversees, manages and coordinates the country's missile industries andprogrammes.

The designation bans any transactions with Bank Sepah by any UScompany or private person and freezes all that bank's assets under USjurisdiction.

''Bank Sepah is the financial linchpin of Iran's missilesprocurement network and has actively assisted Iran's pursuit ofmissiles capable of carrying weapons of mass destruction,'' TreasuryUnder Secretary Stuart Levey said in a statement.

It says the bank also facilitated business between Iraniancompanies and North Korea's chief ballistic missile exporter,previously designated by the Treasury as a proliferator of weapons ofmass destruction.

This relationship is of great concern to the United States, Levey said in a prepared statement.

He said the US action is the latest in a series of steps to combatIran's and other countries abuse of the international financial systemto finance terrorism or back nuclear programmes.

In September 2006, the Treasury designated another Iranianstate-owned bank, Bank Saderat, as a financer of internationalterrorism.

Levey said in recent months the effect of such formal moves hadbeen amplified greatly by a ''dramatic shift'' in attitudes of leadinginternational banks and other companies.

By branding Bank Sepah, Levey said, the United States is alsomeeting its obligation under a resolution passed by the UN SecurityCouncil in December 2006 that requires countries to deny financialsupport to Iran's illegal nuclear and missile programme.

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