Treasury Concludes Three Weeks of Global Engagement with Governments

The U.S. Department of the Treasury today announced the conclusion of three weeks of face-to-face global engagement on Iran with governments and the private sectors in Bahrain, Brazil, Ecuador, Japan, Lebanon, South Korea, Turkey and the United Arab Emirates (UAE) led by Under Secretary for Terrorism and Financial Intelligence, Stuart Levey; Assistant Secretary for Terrorist Financing, David Cohen; and Deputy Assistant Secretary for Terrorist Financing and Financial Crimes, Daniel Glaser. Treasury's leading officials on U.S. sanctions crisscrossed the globe this month, meeting with senior government officials to urge U.S. partners and allies to take bold steps to ensure rigorous, comprehensive implementation of UN Security Council Resolution (UNSCR) 1929 to bolster the impact of the Resolution and additional measures imposed by the United States, European Union and others in recent weeks. Treasury also briefed government officials and banking sector leaders on the financial provisions of the Comprehensive Iran Sanctions, Accountability and Divestment Act (CISADA) and the new Iranian Financial Sanctions Regulations (IFSR) issued this month by Treasury. Focusing on key financial and commercial centers across the globe, Levey, Cohen and Glaser traveled to Asia, Latin America and the Middle East to strengthen sanctions efforts and underscore the importance of strong implementation of UNSCR 1929. They were joined by State Department and White House officials to implement the President's direction to apply targeted financial pressure to deny Iran's access to the international financial system and further sharpen the choice for Iran. In meetings with senior government officials, bank regulators and banking sector leaders, Treasury officials highlighted the impact that the latest round of sanctions have already begun to have on Iran's economy - including the Government of Iran's inability to attract foreign investment, develop its oil and gas fields, acquire financial services and maintain financial relationships with the international community – and making the case for concerted action to persuade the Government of Iran to change its behavior. "As international pressure mounts and its economic isolation increases, Iran will attempt to seek out new channels to access the international financial system for illicit purposes," said Levey. "It is incumbent upon governments to put into place the appropriate mechanisms to protect against this threat. The U.S. will continue its outreach to governments and the private sector around the world to prevent Iran from exploiting new banks and unwitting partners in furthering its nuclear and missile programs."