Aid groups warn any invasion would add to already-catastrophic conditions for Gaza's 2.4 million people
The Treasury said David Cohen, undersecretary for terrorism and financial intelligence, will discuss the Obama administration’s decision to declare Iran a jurisdiction of “primary money laundering concern” during the Nov. 26-29 trip.
He also will discuss expanded sanctions to ban firms from aiding Iran’s oil and petrochemical industries.
The actions were announced on Monday as part of a coordinated effort with Britain and Canada to increase pressure on Tehran in response to a Nov. 8 International Atomic Energy Agency report that presented intelligence suggesting that Iran had worked on designing a nuclear bomb and may still be secretly carrying out related research.
The U.S. decision to declare Iran as an area of “primary money laundering concern” under the USA Patriot Act is a step designed to dissuade non-U.S. banks from dealing with Iran. It stopped short of blacklisting Iran’s central bank, but brands Iran’s banking sector as posing unacceptable risks of terrorist financing, weapons proliferation and money laundering.
“Our action, along with those taken by the U.K and Canada, should have a chilling effect on the willingness of foreign financial institutions to do business with Iranian banking institutions,” Cohen said in a blog posting on the U.S. Treasury website.
“Foreign banks in jurisdictions where there may not be comprehensive sanctions on Iran are now much more likely to make the judgment that Iran is an increasingly risky place to do business,” he added.
The United Arab Emirates, with its financial hubs in Dubai and Abu Dhabi, is one of the Middle East’s largest banking centers and has traditionally had deep trade, business and financial ties with Iran.
Previous U.S. sanctions, which effectively prohibit international firms from doing business with blacklisted Iranian institutions for fear of losing access to the U.S. financial system, have caused difficulties for UAE companies.
Treasury officials have made frequent trips to Dubai and Abu Dhabi in recent years to persuade officials and institutions to comply with U.S. sanctions and help stop Iran’s efforts to circumvent them.
In Israel, Prime Minister Benjamin Netanyahu on Wednesday called for “even tougher” sanctions than those announced by the United States, Britain and Canada. He did not elaborate on what steps should be taken.
The U.S. Treasury said Cohen also will consult with senior UAE and Israeli officials on options that the United States is exploring to boost pressure further on Iran, including possible financial measures targeting Iran’s central bank.
Cohen also will discuss efforts by Syria to circumvent U.S. and European Union sanctions aimed at halting government violence against Syrian people.
Aid groups warn any invasion would add to already-catastrophic conditions for Gaza's 2.4 million people
The American they will face Australia and Serbia on July 15 and July 17 as part of their preparation for the Paris Olympic Games
The leaders emphasise that the deal to release the hostages would bring an immediate and prolonged ceasefire in Gaza
Dubai-based Sumit Augustine has had a philosophical approach towards spending
The regional upswing also defies oil production cutbacks
It's a treatise that would determine the course of your life, not just academically, but as a person too
A US-based company is developing an eVTOL aircraft for commercial passenger service and is expected to start operations by 2025 or early 2026
The project’s aim is to generate funds for Harmony House, an orphanage located in India's Gurgaon