Why Italian Banks Block Iranian Accounts?

Why Italian Banks Block Iranian Accounts?
  • 2020-02-23
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Secretary-General of the Iran-Italy Chamber of Commerce: Although we were restricted by US sanctions, a number of Italian banks were working with our traders in a silent light, making the FATF issue extremely difficult so that the banks would also refrain from cooperating.

According to the International Stone Exhibition of Iran, Lida Shahabi said the decision of two Italian banks ING Direct Bank and Intesa SanPaolo to close the accounts of Iranians: It should be noted that these two banks have US and Dutch shareholders which have been influential in this decision. After the second sanctions, however, many Italian banks announced that they would not cooperate with us. Only the two banks have summoned them, given their nationality. FATF news also prompted the banks to react slightly earlier.

He continued: "It should be noted that blocking Iranian accounts is also done randomly, for example by asking a non-trader to fill out a form to address the issue of non-money laundering or if there is a dark spot in the trading of people." To explain it.

The secretary general of the Iran-Italy Chamber of Commerce stated: A number of active and credible Iranians have been working with the big Banca Popolare banks until recently. Although the bank does not open a new account for Iranians, they have been more or less cooperating with their old customers to suit Iranian credit. However, after Iran is placed on the FATF black list, no banks or financial institutions will cooperate with the Iranian parties.

"Although we were restricted by US sanctions, a number of these banks were working with our traders in silent light, which would make the FATF issue extremely difficult," Shahabi said of the FATF blacklisting decision. Even these banks will refuse to cooperate. We look forward to the position of the Italian government and its banking system on the FATF.

"When we get blacklisted in the FATF, we have to go through a lot of steps to get out of it," he said. Of course, we are also waiting for the talks to be resumed as they may be given legal opportunity by the government, but this is not stated in the FATF statement that if two bills are approved, Iran's withdrawal from the Black List would be considered immediately.

"The volume of our trade before the US exit was seven billion and four billion euros, after the sanctions it amounted to one and seven billion euros, mostly because of the lack of exports," the secretary general of the Iran-Italy Chamber of Commerce said. Iran's oil was exported to Italy and the departure of Uni. However, many of Italy's small and medium-sized firms, which make up about 80% of the country's economy, are keen to work with us, and the lack of a financial network will make bilateral cooperation difficult because of the FATF blacklist.

* Ilna