"...Obama’s pact delayed Iran’s march toward the capacity to quickly assemble and — just as important — deliver by missile atomic weaponry. In return for Iran’s slowdown, the world lifted economic sanctions that had crippled the country’s economy.
Iran seems to have expected hand-over-fist commerce.
Instead, more than a few banks and businesses see too many downsides to opening up shop in Tehran. You don’t say.
- First, what self-respecting U.S. corporation would want to sully its good name by trading with a country that persists in calling for destruction of Israel and views the U.S. as the Great Satan?
- Second, the U.S. maintains sanctions on Iran for continued ballistic missile testing that shows increased capability to strike Israel with serious weaponry.
- Third, the Financial Action Task Force, the world body that sets standards for fighting money-laundering and terrorist financing, continues to, in effect, give Iran pariah status.
- In February, the task force declared: “The FATF remains particularly and exceptionally concerned about Iran’s failure to address the risk of terrorist financing and the serious threat this poses to the integrity of the international financial system.”
Rationally, banks that have been hit with large fines in the past for conducting business with Iran, as well as banks that stood warned by the fines, are wary of getting ensnared in prosecutions.
Some in Iran have suggested that the mullahs could pull out of the nuke deal unless the U.S. somehow convinces financial institutions to start dealing.
So, Kerry has become a pitchman who looks both absurd and desperate."
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