March 27, 2007
HP-328

Statement by Treasury Deputy Secretary Kimmitt on UNSCR 1747

WASHINGTON, DC – Treasury Deputy Secretary Robert M. Kimmitt issued the following statement today on the adoption of UNSCR 1747:

"The Treasury Department welcomes the unanimous adoption of UNSCR 1747, which reaffirms and expands UNSCR 1737 of December 2006. These resolutions target Iran's nuclear and missile programs, and among other requirements, obligate states to freeze the assets of named entities and individuals associated with those programs.

"Of particular note is Resolution 1747's designation of Iranian state-owned Bank Sepah and Bank Sepah International, which finance and support Iran's development of ballistic missiles. The Treasury Department urges governments and financial institutions around the world to swiftly implement their obligation to freeze the assets and economic resources of all listed entities and individuals, but in particular Bank Sepah and Bank Sepah International. In the coming days, we also urge states and financial institutions to be particularly vigilant and prevent efforts by Sepah to move assets, including to other Iranian state-owned institutions, or otherwise evade sanctions."