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Lawmakers also pushed for sanctions on the directors and shareholders of organizations like SWIFT, the Society for Worldwide Interbank Financial Telecommunications, unless they stop providing services to the Central Bank of Iran. The draft bill does not target the directors.
Mark Dubowitz, a sanctions expert and executive director of the Foundation for Defense of Democracies, described the legislation as a "strong bill that fills numerous loopholes and tightens the sanctions requirements but it could be a lot tougher" if Congress understood as much about the psychology as the legality of sanctions. Dubowitz said Iran often figures out ways to get around the penalties.
The new legislation builds on penalties that went into effect this year. Those sanctions target foreign financial institutions that do business with Iran's central bank by barring them from opening or maintaining correspondent operations in the United States. It applies to foreign central banks only for transactions that involve the sale or purchase of petroleum or petroleum products.
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