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> even though the international settlement system was meant to be apolitical “Apolitical” does not mean “usable by any party for any transaction.” SWIFT policy
by giaour 4y ago
> even though the international settlement system was meant to be apolitical
“Apolitical” does not mean “usable by any party for any transaction.” SWIFT policy prohibits using its system in support of illegal activity [0], and the settlement system has been denied to sanctioned countries before [1].
[0]: https://www.swift.com/about-us/legal/compliance-0/fighting-illegal-financial-activities https://www.swift.com/about-us/legal/compliance-0/fighting-i...
[1]: https://www.aljazeera.com/economy/2018/11/5/what-swift-is-and-why-it-matters-in-the-us-iran-spat https://www.aljazeera.com/economy/2018/11/5/what-swift-is-an...
- immibis 4y agoIllegal according to whom?
- selectodude 4y agoIllegal according to the United States, who regulates the SWIFT system and is the issuer and owner of all US Dollars. This isn't complicated.
- giaour 4y agoSWIFT is regulated by Belgium and the EU, not the US: https://www.swift.com/about-us/legal/compliance-0/swift-and-sanctions#how-is-swift-governed https://www.swift.com/about-us/legal/compliance-0/swift-and-...?
- CamperBob2 4y agoAny decent human being, in the case of Russia's invasion of Ukraine.
- giaour 4y agoPer the linked document: “SWIFT has a history of cooperating in good faith with authorities such as central banks, treasury departments, law enforcement agencies and appropriate international organisations, such as the Financial Action Task Force ( FATF*), in their efforts to combat abuse of the financial system for illegal activities.”
- immibis 4y agoIn Qatar it's illegal to be gay. Will SWIFT combat abuse of the financial system for the activity of being gay?