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Senate OKs Funding to Stop Euro Laundering

March 25, 2013
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WASHINGTON (JTA) — The U.S. Senate unanimously authorized funding for programs that would make it easier to shut out Iran from the European Central Bank’s money transfer system.
 
The amendment to the budget resolution passed early Saturday morning authorizes funding to “to prevent Iran from directly or indirectly accessing the European Central Bank’s Target2 settlement platform and to block Iran’s access to its euro-denominated foreign exchange holdings.”
 
While the overall budget -- the first passed by the Senate in four years — squeaked through in a 50-49 vote, the money transfer amendment had the support of the entire body.
 
The amendment, sponsored by Sens. Mark Kirk (R-Ill.) and Joe Manchin (D-W. Va.), follows a letter from a bipartisan slate of 36 senators urging European authorities to authorize such a shutout.
 

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