US levies tougher sanctions on Iran's Central Bank

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Source: AP

Feb 6, 1:12 PM EST

US levies tougher sanctions on Iran's Central Bank

By JULIE PACE
Associated Press


WASHINGTON (AP) -- <snip>

In a letter to Congress, Obama said more sanctions were warranted, "particularly in light of the deceptive practices of the Central Bank of Iran and other Iranian banks." He said the problems included the hiding of transactions of sanctioned parties, the deficiencies of Iran's anti-money laundering regime and the unacceptably high risk posed to the entire international financial system posed by Iran's activities.

The Central Bank sanctions were included as an amendment in the wide-ranging defense bill that Obama signed into law at the end of the year. The White House said Obama signed the executive order enforcing the sanctions on Sunday.

The stronger sanctions come as the White House tries to ratchet up pressure on Iran to abandon its nuclear program and dissuade Israel from launching a unilateral strike on Iran, a move that could roil the Middle East and jolt the global economy.

Obama said Sunday he does not believe Israel has yet decided whether to attack Iran and still believes a diplomatic solution is possible.

Read more: http://hosted.ap.org/dynamic/stories/U/US_US_IRAN?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-02-06-13-12-35