Banks will help ensure Iran keeps promises on nukes
The Conversation - 09/29/2015
In a speech before the UN General Assembly on September 28, Iran’s President Hassan Rouhani heralded the Joint Comprehensive Plan of Action as a new chapter in Iran’s relations with the rest of the world.
After a heated and largely politicized national debate, Congress is set to move forward with nuclear agreement. This treaty limits Iran’s nuclear enrichment capabilities over the next decade in exchange for sanctions relief.
Financial sanctions helped bring Iran to the negotiating table. But sanctions also have another use. They have made possible the US monitoring of transactions that may be related to Iran’s covert purchase of restricted items. Iran’s exile from global banking meant that the rest of the world’s banks could easily watch for suspicious transactions involving Iran.