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Cablegate: U/S Treasury Mccormick Delivers Message On Iran

VZCZCXRO5515
RR RUEHDE
DE RUEHAD #1823 3051523
ZNR UUUUU ZZH
R 011523Z NOV 07
FM AMEMBASSY ABU DHABI
TO RUEHC/SECSTATE WASHDC 9968
INFO RUEATRS/DEPT OF TREASURY WASHINGTON DC
RUEHDE/AMCONSUL DUBAI 7397

UNCLAS ABU DHABI 001823

SIPDIS

SENSITIVE
SIPDIS

DEPT FOR NEA/ARP, ISN/CPI
TREASURY FOR TFFC

E.O. 12958: N/A
TAGS: PARM PREL MNUC ECON KNAP EFIN IR AE
SUBJECT: U/S Treasury McCormick Delivers Message on Iran

Ref: A) State 149648; B) State 148605

1. (SBU) On October 29, Under Secretary of Treasury for
International Affairs David McCormick, accompanied by Ambassador,
discussed both the Financial Action Task Force's guidance on Iran
and the U.S. designations of Iranian entities and individuals with
UAE Central Bank Governor Sultan Nasser Al-Suwaidi. U/S McCormick
stressed that the USG's designations were aimed at implementing
UNSCR 1737 and 1747 obligations and to protect the U.S. financial
system from financial activity supporting ongoing Iranian
proliferation and terrorism activities. U/S McCormick encouraged
the UAEG to take similar actions and to caution its financial
institutions about dealings with Iranian banks.

2. (SBU) Al-Suwaidi said he believed the U.S. and UN sanctions were
having an impact on Iran and Iranian businesses. He noted that the
UAE had seen a decline in financial transfers from Iran in August,
adding that transfers to Iran were largely from Iranian businesses
operating in the UAE. Al-Suwaidi noted, rhetorically, that there
were two possibilities: either the Iranians were retrenching
economically, or were diverting their business away from the UAE and
GCC countries. He noted that this countered USG concerns that Iran
would transfer its business to the UAE as European markets closed to
it. Ambassador, Econchief, and Treasury Attach will continue to
pursue this issue with UAEG authorities.

Sison

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