BREAKING NEWS

Banking's SWIFT ready to expel Iran bank from network

By REUTERS

FEBRUARY 25, 2012 05:00

WASHINGTON - The world's biggest electronic banking system is ready to block Iran's central bank from using its network to transfer funds, a US congressional aide said on Friday after a briefing from the Belgium-based group earlier this week.

Such a move by SWIFT, or Society for Worldwide Interbank Financial Telecommunication, would prevent Tehran from sending payment orders electronically around the world and give the West another tool in its effort to stop Iran from developing nuclear weapons. Tehran maintains its nuclear program is strictly for peaceful purposes.

Under pressure from the United States to stop Iran's banks from using its global network, SWIFT has said it was prepared to block Iranian transactions.

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