17 Feb 2012

Bank transfer ban on Syria sought by US

8:14 am on 17 February 2012

The United States wants Iranian banks expelled from a global network used to transfer money, to deprive Iran of funds needed to develop nuclear weapons.

The Society for Worldwide Interbank Financial Telecommunication system is one of the last ways Iran is able to trade with the rest of the world.

A Radio New Zealand correspondent in Washington says if Iran is ousted from the SWIFT system, it could cripple the Iranian economy.