Saturday, October 20, 2007

G-7 Urges Banks to Weigh `Risks' of Dealing With Iran

Oct. 19 (Bloomberg) -- Group of Seven finance ministers and central bankers for the first time in at least two decades rebuked Iran, calling on banks worldwide to be wary of risks associated with doing business with the Islamic republic.

U.S. Treasury Secretary Henry Paulson, French Finance Minister Christine Lagarde and their counterparts from five other wealthy countries praised the Paris-based Financial Action Task Force, a 34-government agency that last week concluded Iran represents a ``significant vulnerability'' to the international financial system.

``We particularly commend FATF for taking steps to protect the international financial system from the various money- laundering and terrorist-financing risks related to Iran,'' the G-7 said in a statement after talks today in Washington. ``Financial institutions are advised to take into account these risks.''
Thomas Braun, Lima, Peru

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