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

By REUTERS
September 28, 2011 14:47

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

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.

Related Content

Breaking news
August 21, 2018
UK foreign minister Hunt: Trump not the isolationist many feared

By REUTERS