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The Treasury Secretary of the USA warns that the Risks of Continuing Business with Iran are too great

by Monte Friesner

30 September 2010

Mr. Tim Geithner who is the Secretary of the Treasury for the USA in prepared statements that appeared conspicuously on the US Treasury website yesterday; bluntly warned financial institutions that doing business with Iran poses massive and great risks.

We quote below directly from his Statements; to give the reader a sense of the strong gravity of this matter since these statement come directly from the senior Law Enforcement Officer at the Agency appointment with enforcement of the new sanctions against Iran.

Kindly read them carefully! Though they appear in the context of the announcement of additional sanctions, the meaning is crystal clear; do not violate the sanctions. 

Remarks of Secretary Tim Geithner (excerpts, quoted verbatim) TG-878; 29 September, 2010.

[Emphasis supplied]


  • *     Over the past several months, we've taken significant actions to increase the    consequences for Iran's illicit conduct.
  • *     I want to explain how these measures work, and how they are effective.


  • *     We have found that when we single out Iran's bad actors and expose their illicit conduct-banks, businesses, and governments around the world respond by cutting off dealings with these individuals, groups and businesses.


  • *     A growing number of companies and financial institutions have cut or curtailed their financial ties with   Iran.
  • *     They have assessed the risks of continuing business with Iran, and they have decided that the risks are too great.
  • *     We will continue to target Iran's illicit conduct in all areas ...


One does not have to read between the lines to grasp the US Treasury's resolve on the Iran issue. You violate the sanctions, whether intentionally or negligently, at your peril. Compliance Officers must ensure that this does not occur; identify and interdict Iranian transactions in real-time, or be prepared for the regulatory and legal consequences.


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