US official says China's banks at risk from Iran deals

September 28, 2011 14:47

BEIJING - Iran is increasingly looking for access to global financial markets to fund its nuclear program, a top US Treasury official said on Wednesday, urging Chinese regulators and banks to be prepared to block transactions and impede Iran's efforts.

David Cohen, the US Treasury's under secretary for terrorism and financial intelligence, said Beijing took seriously its responsibilities to uphold UN Security Council resolutions on Iran, but reminded Chinese banks to implement tougher safeguards.

"China has strictly implemented the provisions of the Security Council resolution that require specific steps, but it has not taken any steps that are similar to what some of these other jurisdictions have done to deal with the risk of Chinese financial institutions engaging in financial transactions with Iranian financial institutions," Cohen said.

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