American Express Closes 30 Accounts with Ties to Iranian Government
In a move aimed at combating financial terrorism and complying with international sanctions, American Express has reportedly closed 30 accounts linked to the Iranian government. The decision comes as part of the company’s efforts to ensure that its services are not being used to facilitate illicit activities.
According to sources familiar with the matter, the accounts in question were primarily used for transactions related to oil and gas imports, as well as other high-value transactions. The accounts were allegedly linked to various Iranian government entities, including the Central Bank of Iran and the National Iranian Oil Company.
The closure of these accounts is seen as a significant step in the fight against financial terrorism and money laundering. The Iranian government has been accused of using its financial institutions to fund its nuclear program and support terrorist organizations, such as Hezbollah and Hamas.
American Express has been working closely with international authorities, including the US Treasury Department’s Office of Foreign Assets Control (OFAC), to identify and shut down accounts that may be linked to illicit activities. The company has also implemented stricter due diligence and monitoring procedures to prevent its services from being used for illegal purposes.
The decision to close the accounts is seen as a significant blow to the Iranian government’s ability to conduct international transactions. The country has been under heavy sanctions since 2012, when the US and EU imposed penalties on the country’s energy and financial sectors in response to its nuclear program.
The closure of the accounts is also seen as a victory for American Express, which has been working to improve its compliance with international sanctions and anti-money laundering regulations. The company has faced criticism in the past for its handling of transactions linked to sanctioned countries, including Iran.
In a statement, American Express said that it takes its compliance obligations seriously and is committed to ensuring that its services are not used to facilitate illegal activities. The company declined to comment further on the specific accounts that were closed, citing confidentiality agreements.
The closure of the accounts is likely to have significant implications for the Iranian government’s ability to conduct international trade and finance. The country’s economy has been struggling in recent years, and the loss of access to international financial services is likely to exacerbate its economic woes.
The move is also seen as a significant step in the US and EU’s efforts to pressure the Iranian government to abandon its nuclear program and support for terrorist organizations. The international community has been working to negotiate a new nuclear deal with Iran, but the country’s failure to comply with international sanctions and its continued support for terrorism has made it difficult to reach a agreement.
In conclusion, the closure of 30 accounts linked to the Iranian government by American Express is a significant step in the fight against financial terrorism and money laundering. The decision demonstrates the company’s commitment to compliance with international sanctions and anti-money laundering regulations, and is likely to have significant implications for the Iranian government’s ability to conduct international trade and finance.
