US asks Japanese banks to cooperate in sanctions on Iran

Last Updated: Thursday, July 15, 2010 - 15:32

Tokyo: A senior US Treasury official, who visited three major Japanese banking groups, has requested them to cooperate in US financial sanctions on Iran over its suspected nuclear weapons development, banking industry sources said on Thursday.

David Cohen, assistant secretary for terrorist financing, made the request to Mitsubishi UFJ Financial Group Inc, Mizuho Financial Group Inc and Sumitomo Mitsui Financial Group Inc yesterday, they said.

Cohen asked them to terminate transactions with Iranian banks and industrial companies, they said.

But a source at one of these banking groups said any private financial institution cannot make a decision on the matter subject to talks between the Japanese and US governments as Japan`s Finance Ministry has been cautious of cooperating in the US sanctions.

The United States has enacted the Iranian sanctions act that requires foreign financial institutions to be expelled from US financial markets if they do business with the Iranian Revolutionary Guard Corps or individuals who are suspected of being involved in Iran`s nuclear development.

PTI

First Published: Thursday, July 15, 2010 - 15:32

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