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U.S. Sent Cash to Iran as Americans Were Freed
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Quote:THANK YOU FOR CAPITALIZING. AND YELLING. It looks like the wiring of funds to or from Iran is also against the O.F.A.C. regulations. Effective November 10, 2008, the authorization for “U-turn” transfers involving Iran was revoked. As of that date, U.S. depository institutions are no longer authorized to process transfers involving Iran that originate and end with non-Iranian foreign banks. Details concerning the revocation of the U-turn authorization and a description of currently permissible funds transfers can be found in the Financial Dealings with Iran section of this document. It could also be a matter that Iran demanded the hard currency. Due to the fact that they have been a pariah state under major global sanctions for years their banks were not able to use SWIFT, the worldwide transaction network that most of the developed world uses. |
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