US designates Iranian Bank as weapons proliferator

Washington, Jan 10 (UNI) The United States has designated an Iranian state-owned bank as a supporter of proliferation of weapons of mass destruction and urged other countries to consider similar actions aimed at blocking Tehran's illegal nuclear and missiles programme.

In a press statement released yesterday, the US Treasury Department said Bank Sepah International Plc has provided financial support and services to a state-owned Iranian industrial group that oversees, manages and coordinates the country's missile industries and programmes.

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

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

It says the bank also facilitated business between Iranian companies and North Korea's chief ballistic missile exporter, previously designated by the Treasury as a proliferator of weapons of mass 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 combat Iran's and other countries abuse of the international financial system to finance terrorism or back nuclear programmes.

In September 2006, the Treasury designated another Iranian state-owned bank, Bank Saderat, as a financer of international terrorism.

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

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

UNI