Feb 29 2008 |
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US says Iran could misuse UAE's banking system
Dubai - US sanctions on state-owned banks and financial institutions are forcing Iran to look for alternative hubs in order to carry out its "illicit" business activities of "funding nuclear proliferation and terrorism", a top American official said on Thursday.Stuart Levey, US undersecretary for terrorism and financial intelligence, said in Dubai that the UAE's banking system might be "vulnerable to misuse" by Iran. "That means taking a very close look at the Iranian banks operating here," he said, referring to Bank Melli and Bank Saderat .
Washington has blacklisted a number of Iranian companies and banks, including Bank Mellat and Bank Sepah as well, and has barred American companies from dealing with Iran. Levey is touring Iran's neighbours, such as the UAE, Bahrain and Qatar, to garner support for a US campaign to weaken Tehran financially.
Asked why the UAE should follow unilateral US sanctions against Tehran, Levey said, "We have pointed out the conduct... that threatens the integrity of the international financial system. We ask you [the UAE] to take a close look at it."
Iran and the UAE have historical cultural and economic relations. There are 250 weekly flights between Iranian and UAE cities and the value of trade is more than $12 billion. According to a recent report by the Dubai Chamber of Commerce, the value of Dubai's non-oil exports to Iran was Dh35.9 billion, making it the number-one export destination for the emirate.
Levey said Iran engaged in a "deceptive conduct" to procure items to build a nuclear missile programme, adding it has used its banks for the purpose. He claimed that Iran did not disclose the true purpose of those imports, and its financial institutions had sought to have their names omitted from the records of transactions in the international banking system.
Asked if the US is not indirectly fuelling oil prices by obstructing petroleum companies exploring in Iran, Levey said, "A lot of companies that might otherwise be tempted to invest in Iran are seeing it as a bad time... If the regime changed its nature, and became part of the international financial community, then there will be fantastic prospects for the people of the country."
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