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Under Secretary for Terrorism and Financial Intelligence Stuart Levey announced Thursday that the Treasury Department has revoked Iran's U-turn license, further restricting Iran's access to the U.S. financial system. Prior to this action, U.S. financial institutions were authorized to process certain funds transfers for the direct or indirect benefit of Iran, provided such payments were initiated offshore by a non-Iranian financial institution and only passed through the U.S. financial system en route to another non-Iranian financial institution. Treasury's move follows a series of U.S. government actions to expose Iranian banks' involvement in the Iranian regime's support to terrorist groups and nuclear and missile proliferation.
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