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Cablegate: Designation of Future Bank, Bahrain Under

O 171622Z MAR 08
FM SECSTATE WASHDC
TO AMEMBASSY ABU DHABI IMMEDIATE
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UNCLAS STATE 027642

SIPDIS


SIPDIS

E.O. 12958: N/A
TAGS: KNNP MNUC IR BA

SUBJECT: DESIGNATION OF FUTURE BANK, BAHRAIN UNDER
EXECUTIVE ORDER 13382

1. (U) This is an action request. Please see paragraph 2.

----------
OBJECTIVES
----------

2. (U) Washington requests that addressees notify host
Government/EU officials that the United States designated
Future Bank, Bahrain under E.O. 13382 ("Blocking the Property
of Weapons of Mass Destruction Proliferators and their
Supporters") on Wednesday, March 12, 2008. Addressees are
requested to provide the non-paper in paragraph 4 to host
government/EU officials.

-- Inform Posts of U.S. designation of Future Bank, Bahrain
for being controlled by the Iranian Bank Melli, which was
designated by the U.S. on October 25, 2007.

-- Note this designation is consistent with United Nations
Security Council Resolution (UNSCR) 1803 of March 3, 2008,
which calls upon Member States to "exercise vigilance" with
regard to activities of financial institutions in their
territories with all banks domiciled in Iran, in particular
Iran's Bank Melli and Bank Saderat.

-- Note this designation is aimed at prohibiting
proliferators of weapons of mass destruction and their
supporters from engaging in transactions and trade between
those designated entities and banks under U.S. jurisdiction.

-------------------
BACKGROUND/NONPAPER
-------------------

3. (U) Begin text of background/non-paper for EU, UK,
FRANCE, GERMANY, ITALY, AUSTRALIA, AUSTRIA, BAHRAIN, BELGIUM,
BURKINA FASO, COSTA RICA, CROATIA, GERMANY, GHANA, INDONESIA,
ISRAEL, JAPAN, JORDAN, KUWAIT, LIBYA, OMAN, PANAMA,
QATAR, REPUBLIC OF CONGO, SAUDI ARABIA, SLOVAKIA, SPAIN,
SOUTH AFRICA, UAE, VIETNAM, YEMEN, JAPAN, CHINA, NEW ZEALAND
and RUSSIA:

The U.S. would like to inform your government that on March
12, 2008, the U.S. Treasury Department designated one
additional entity pursuant to Executive Order (E.O.) 13382
("Blocking the Property of Weapons of Mass Destruction
Proliferators and their Supporters"), an authority aimed at
freezing the assets of proliferators of weapons of mass
destruction and their supporters and at prohibiting
transactions and trade between those designated entities and
banks under U.S. jurisdiction. The text of E.O. 13382 can be
found at: http://www.treas.gov/offices/enforcement
/ofac/programs/wmd/wmd.pdf.

The following name will be added to Treasury's Office of
Foreign Assets Control (OFAC) list of Specially Designated
Nationals and Blocked Persons ("SDN list") and published in
the Federal Register pursuant to Executive Order 13382.

1. FUTURE BANK B.S.C.
Addresses: P.O. Box 785, City Centre Building, Government
Avenue
Manama, Bahrain
Block 304, City Centre Building, Building 199, Government
Avenue, Road 383 Manama, Bahrain

This designation is based on the determination that Future
Bank is controlled by Iran's Bank Melli, which was designated
under the same Executive Order on October 25, 2007 for
facilitating Iran's proliferation activities.

Executive Order 13382 provides authority to freeze the assets
of proliferators of weapons of mass destruction (WMD) and
their supporters.

Future Bank was established in 2004 as a joint venture
between two Iranian banks, Bank Melli and Bank Saderat, and a
private bank based in Bahrain. Bank Melli and Bank Saderat
each hold 33.3 percent of Future Bank's outstanding shares.
At the time of the designation, Bank Melli and Future Bank
publicly identified the same individual as chairman of both
institutions. Other information available to the U.S.
Government also demonstrates that Future Bank is controlled
by Bank Melli. In addition, Bank Saderat was also designated
by the USG for support of terrorism in October 2007.
According to information available to the USG, Bank Saderat
supports terrorist organizations, including Hizbollah, Hamas,
PFLP-GC, and Palestinian Islamic Jihad.

The Government of Bahrain has taken responsible steps to
prevent Future Bank from abusing the country's financial
system.

This designation is consistent with United Nations Security
Council Resolution (UNSCR) 1803 of March 3, 2008, which calls
upon Member States to "exercise vigilance" with regard to
activities of financial institutions in their territories
with all banks domiciled in Iran, in particular Iran's Bank
Melli and Bank Saderat, and their branches and subsidiaries
abroad. UNSCR 1803 specifically calls on States to take such
action in order to avoid these activities contributing to
either proliferation sensitive nuclear activities or the
development of nuclear weapons systems, as referred to in
UNSCR 1737.

Treasury's Office of Foreign Assets Control (OFAC) designated
Bank Melli pursuant to E.O. 13382 for providing, or
attempting to provide, financial support for entities
involved in Iran's nuclear and missile programs. These
include: the Shahid Hemmat Industrial Group, the Defense
Industries Organization (DIO), Bank Sepah, and the Islamic
Revolutionary Guard Corps (IRGC). These entities have also
been designated under E.O. 13382 and have been listed in
UNSCRs 1737 and 1747. OFAC also designated four financial
institutions that are owned or controlled by Bank Melli,
including Melli Bank plc, Arian Bank, Bank Melli Iran ZAO,
and Bank Kargoshaee.

As you know, UNSCRs 1737, 1747 and 1803 establish a legal
obligation for countries to take certain actions against the
financial underpinnings of Iranian proliferation and WMD
programs by requiring states to freeze the assets of entities
and individuals named in the Annexes of these resolutions, as
well as assets of entities owned or controlled by them or
individuals or entities acting on their behalf.

The United States urges you to also take action to meet these
requirements. In this regard, we hope you will consider
taking action to freeze the assets of Future Bank and other
Iran-related entities the U.S. has designated under E.O.
13382. (A full list of the entities designated under E.O.
13382 can be found at
http://www.treas.gov/offices/enforcement/
ofac/programs/wmd/wmd.pdf.)

We urge your government to investigate financial
relationships and transactions in which designated Iranian
proliferation entities have an interest. Where it is
suspected that these relationships and transactions may be
facilitating Iran's proliferation activities, we urge you to
take those steps necessary for your nationals to cease
dealings with the entity in question.

We look forward to working with you on this and other related
matters and are prepared to provide additional assistance as
appropriate.

End background/non-paper.

------------------
REPORTING DEADLINE
------------------

4. (U) Please report delivery of the U.S. non-paper and any
immediate response by March 31, 2008. Please slug replies
for ISN, T, TREASURY, EUR, EAP and NEA. Please use SIPDIS
caption on all responses.

----------------
POINT OF CONTACT
----------------

5. (U) Washington point of contact for follow-up
information is Kevin McGeehan, ISN/CPI, (202) 647-5408,
McGeehanKJ@state.sgov.gov.

6. (U) Department thanks Post for its assistance.
RICE


NNNN


End Cable Text

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