Last July, when the Administration had been intent on closing a nuclear deal with Iran and selling it to a skeptical American Congress and public, Treasury Secretary Jack Lew testified before the Senate Foreign Relations Committee, emphatically stating that after the deal, Iran will continue to be denied access to the American banking system. “Iranian banks will not be able to clear U.S. dollars through New York, hold correspondent account relationships with U.S. financial institutions, or enter into financing arrangements with U.S. banks,” he said.
And while testifying before the Senate Committee on Banking, Housing and Urban Affairs in September, Acting Under Secretary for Terrorism and Financial Intelligence Adam Szubin said, “No Iranian banks can access the U.S. financial system; not to open an account, not to purchase a security, and not even to execute a dollarized transaction where a split seconds worth of business is done in a New York clearing bank.”
There are a multitude of reasons why this is an excellent idea. For starters: Iran is the world’s leading state sponsor of terrorism and launders money to be sent all around the world to their terrorist network and terror proxies in Syria, Lebanon, Iraq , Bahrain, Yemen and Gaza.
Allowing Iran to participate in the US banking system will only add more dollars into their coffers to be transferred to their destabilizing and terrorist proxies. In February, the Financial Action Task Force, an inter-governmental body which is established to protect the international financial system from threats to its integrity, issued a public statement that “reaffirms its call on members and urges all jurisdictions to advise their financial institutions to give special attention to business relationships and transactions with Iran, including Iranian companies and financial institutions.”