An organization that is central to the international banking system said it is working with U.S. and European governments to address their concerns that its financial services are being used by Iran to avoid sanctions and conduct illicit business.
Current and former U.S. officials said that if the Belgium-based organization, the Society for Worldwide Interbank Financial Telecommunication, or Swift, bans sanctioned Iranian entities from using its network, Tehran could find itself virtually incapable of conducting electronic financial transactions.
“This would be the knockout blow,” said Avi Jorisch, a former U.S. Treasury Department official who has worked on Swift.
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