The world's top banks have largely stopped dealing with Iran in response to US and UN sanctions, and industrialised countries are working on further steps to combat financing for weapons proliferation, a senior Treasury official said on Tuesday.
Stuart Levey, the Treasury's under-secretary for terrorism and financial intelligence, said in testimony before the Senate Finance Committee that he hopes work by the inter-governmental Financial Action Task Force will result in new international standards for anti-proliferation activities.
"In reaction to US and multilateral actions, the world's leading financial institutions have largely stopped dealing with Iran, and especially Iranian banks, in any currency," Levey said in prepared remarks to the panel.
"Foreign-based branches and subsidiaries of Iran's state-owned banks are becoming financial pariahs - threatening their viability - as banks and companies around the world resist dealing with them," Levey said.
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