Banking's SWIFT working with US, EU on Iran measures

February 4, 2012 02:24

WASHINGTON - The organization that provides the world's banks with a system for moving money said on Friday it is working with officials in the United States and European Union to address concerns about the services it provides to blacklisted Iranian banks.

The Society for Worldwide Interbank Financial Telecommunication, better known as SWIFT, issued its statement after the US Senate Banking Committee advanced a new sanctions bill pushing for SWIFT to shut out Iran's central banks and its other financial institutions from its services.

"SWIFT fully understands and appreciates the gravity of the situation," the organization said in a statement.

Belgium-based SWIFT is owned by the world's major banks and is overseen by major central banks.

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