Bank Saderat Iran
Bank Saderat Iran is an
Iranian Bank. Its name means "the Export Bank of Iran".Bank Saderat Iran (BSI ) was founded by the prominent Mofarrahand Bolurforushan families, commenced operation on 13 November 1952 with a board of three directors and 20 employees. It quickly became the largest privately owned bank in the region with branches in Hamburg, Paris, London and New York. As of 2006, it operates 3,248 branches.
On 7 June 1979 , after the revolution, all Iranian private banks were nationalized and became state-owned. In 1980, branches and sub-branches of BSI in the Iranian provinces were turned into independent banks, named Bank Saderat Ostan (province). Today, BSI has 29 owned provincial bank subsidiaries and over 200 affiliated companies, supervised by Ghadir Investment Company.
Iranian banks are administered on the basis of a law passed by the Islamic Revolution Council on 25 September 1979 , and the provisions of its Articles of Association.
September 9, 2006, the bank was blacklisted by the United Statesbecause it allegedly transfers money to terroristorganizations. [cite web|url=http://news.bbc.co.uk/2/hi/business/5329326.stm|title=US blacklists major Iranian bank|publisher= BBC News|date=2006-09-09|accessdate=2006-09-09]
According to the
U.S. Department of the Treasury, Bank Saderat is used by the Government of Iran to transfer money to what the US considers to be terrorist organizations, including Hezbollah, Hamas, the Popular Front for the Liberation of Palestine-General Commandand Palestinian Islamic Jihad.
Under the current Iranian Transactions Regulations (31 CFR Part 560), U.S. banks may process certain funds transfers involving an Iranian bank, such as transfers for authorized or exempt transactions and "U-turn" transactions. U-turn transactions allow U.S. banks to process payments involving Iran that begin and end with a non-Iranian foreign bank. Bank Saderat will not be able to participate in any transfers involving U.S. banks, effective from the date that the amendment to the regulations is filed with the U.S. Federal Register.
By prohibiting U-turn and all other transactions with Bank Saderat, the bank is denied all direct and indirect access to the U.S. financial system.
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