WASHINGTON (JTA) — The American Israel Public Affairs Committee praised the Society for Worldwide Interbank Financial Telecommunication’s compliance with sanctions on Iranian banks.
SWIFT, which serves as the final entry point for electronic transactions before entering the global financial system, said March 15 that it had no choice but to abide by European Union sanctions on designated Iranian financial institutions.
“This welcome step must now be supplemented by additional measures to press the regime to change course," AIPAC said in one of its rare statements. "Time is running out to impose further crippling sanctions on Iran before it has a nuclear weapons capability, which would dramatically escalate Iran’s challenge to America’s national security and our interests around the globe."
In addition, AIPAC urged Congress to act on proposed legislation that would close loopholes in existing sanctions laws and called on the administration to strongly implement sanctions against the Central Bank of Iran.
“We urge the Senate to pass The Iran Sanctions Accountability and Human Rights Act (S. 2101), spearheaded by Sens. Tim Johnson (D-S.D.) and Richard Shelby (R-Ala.)," the statement said.
The legislation imposes tough new sanctions on Iran and targets its human rights violators.