SWIFT is Against Iran Terrorist Financing but Claims Limitations on Account of Multilateral Legal Framework

Swift, the well recognized clearing house of payments between countries said in a press release on 5 Feb that the recent legislation proposed by the US Senate Banking Committee regarding Iran, SWIFT appreciates the gravity of the situation. It is “discussing with the G10 central banks which include the US Federal Reserve and European Central Bank which oversee SWIFT, to find the right multilateral legal framework which will enable SWIFT to address the issues”.

The agency claims “it is a complex situation that needs to take into consideration the implications to the functioning of the global payments system as well as to the continued flow of humanitarian payments to the Iranian people”.

In another press release on 02 Feb 2012, the agency says that the recent press coverage about Iranian sanctions and SWIFT gives a misleading impression of the role of SWIFT with regard to sanctions. It says that it is only an information agency and provides the network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardised and reliable environment.