I.R. Iran banks are taking steps to transfer money from Europe

IranPressNews.com

It has been learnt that Iran's Central Bank issued, in unprecedented urgency, instructions for money transfers from dozens of accounts in several banks in Europe, some of them not under Iranian identity, especially in certain branches in Germany and Scandinavia, to banks in the Gulf States, Dubai and Bahrain. It is possible that some of the money is being transferred to China as well.

Behind this is the concern that the violation of human rights in Iran following the riots raging in June-July 2009 throughout the country may increase pressure and economic sanctions on Iran.

The exact sum transferred between the banks is unknown. However, according to economic sources specializing in Iranian affairs, the total assets amount to no less than 8 billion USD, mostly foreign currency balances divided between several banks in Europe. It has also been learnt that out of fear that the European financial regulation authorities will intervene in these significant money transfers, certain branches in Europe were requested to find ways to bypass the European financial regulation authorities.

It is notable that this is not the first time Iran's Central Bank has taken a decision to protect Iranian assets at a time of crisis, out of concern that economic sanctions will be intensified. However, the earlier cases did not involve such large amount in one time, and not in such urgency. A year ago, Bank Melli smuggled its money to Dubai in an ingenious and indirect manner. It begun to exchange its Euro reserves to Dirhams (Dubai's currency) and transferring them to Melli branches in Dubai via the Dutch Credit Europe Bank. Leaving out the name of the real beneficiary enabled Bank Melli to transfer a great deal of money with no questions asked by the financial supervision authorities in Europe.