UANI Applauds President Obama, U.S. Lawmakers for Sanctioning Iran’s Central Bank

NEW YORK--(BUSINESS WIRE)--United Against Nuclear Iran (UANI) President, Ambassador Mark D. Wallace, issued the following statement regarding President Obama’s signing of new sanctions against Iran’s Central Bank and financial sector.

We applaud President Obama for signing into law sanctions against Iran’s Central Bank, which were passed by Congress with UANI’s support, research, and analysis. UANI has, since its founding, consulted with members of Congress to devise and introduce legislation to compel corporations, firms, and financial institutions to choose between doing business with the U.S., or Iranian entities including Iran’s Central Bank. If effectively implemented, these sanctions will be the toughest to date, and force banks and firms to take responsibility for their business decisions by choosing between doing commerce in Iran, or with the U.S.

As UANI noted in its letter to President Obama last month, sanctions against Bank Markazi are one of the best options the U.S. has for pressuring the Iranian regime to change course. UANI urges the Obama administration to fully implement and follow through on these sanctions, and will continue to devise measures that show the Iranian regime that the U.S. and international community will under no circumstances allow a nuclear-armed Iran.

UANI has regularly called for sanctions against Iran's Central Bank, and on December 2, 2011 wrote to President Obama following reports that the Administration was opposed to such sanctions.

Beginning in June 2009 with the introduction of the Iran Business Certification Act (IBC Act), UANI has proposed measures and model legislation requiring corporations to choose between doing business in the U.S. and with the Iranian regime. The IBC Act, introduced by Representatives Ron Klein (FL-22) and John Mica (FL-7) after consultations with UANI, was an unprecedented measure requiring corporations that do business with the U.S. Government to certify they do not conduct business in Iran, under penalty of debarment from federal contracts. The IBC Act culminated in the 2010 Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA), which imposed the harshest-ever U.S. sanctions against Iran.

UANI now urges Congress and the President to take additional action, including supporting the Iran Threat Reduction Act, which was passed by the U.S. House in December 2011. The legislation includes The Iran Transparency and Accountability Act, which is based on UANI model regulations first devised in 2010 and introduced by Representative Ted Deutch (FL-19) after consultations with UANI. The Iran Transparency and Accountability Act would compel all publicly traded corporations availing themselves of U.S. capital markets to disclose the nature and extent of their Iran business to investors and the public in their public disclosure filings.

Click here to read UANI’s December letter to President Obama.

Click here to learn more about UANI's Model Legislation.