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German banking group slams US financial sanctions on Iran

Berlin, Sept 20, IRNA-The Berlin-based Association of German Banks lashed out at the US for imposing a ban on American bank transactions with Bank Saderat Iran, the German edition of the Financial Times (FTD) reported Wednesday.

The head of the Association of German Banks, Klaus-Peter Mueller, said banks and financial institutions cannot halt doing business with clients who are suspected of being involved in alleged illicit financial activities merely by a "loud shout or vague suspicion." Mueller stressed "clear evidence" was necessary before a decision can be made to halt doing business with banks which are accused of being involved in illicit transactions.

The German banking official pointed also to longtime business ties between Germany and Iran.

Representatives of the US Department of Treasury toured Germany, France, Britain, Italy and Switzerland last week to urge similar financial sanctions against Iran.

Meanwhile, the FTD cited Frankfurt banking circles as saying there are no legal gounds to block Iranian financial asssets.

... Payvand News - 9/19/06 ... --

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