Washington: The United States has slapped sanctions on an Iranian state-owned bank for its alleged involvement in Iran’s nuclear program.
The Department of the Treasury Tuesday assigned the Bank of Industry and Mine (BIM), saying the bank has been used by the Iranian government to evade US and international sanctions against the Iranian bank involved in supporting transactions in support of Iran’s proliferation activities.
The Treasury department accused BIM of providing financial support to Bank Mellat and Europaisch Iranische Handelsbank (EIH), two Iranian banks previously designated by the department in connection with Iran’s proliferation activities.
The move was taken under an executive order aimed at seizing the assets of proliferators of weapons of mass destruction and their supporters, thereby isolating them from the US financial and commercial systems.
Acting Under Secretary of Treasury for Terrorism and Financial Intelligence David S. Cohen said, “Iran has a well-established practice of migrating illegal financial activities from one bank to another to help out transactions for sanctioned banks.” “The sophisticated nature of this scheme illustrates the disruptive impact of sanctions on Iran’s efforts to carry on its proliferation activities.”
BIM is the 21st Iranian state-owned bank designated by the Treasury, the department said in a statement.
Iran insists that its nuclear program is for civilian use, while the United States and its Western allies say Iran is using the program to develop nuclear weapons.
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