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If Italy doesn't shut down their services, the Italy itself will be shut out of SWIFT.
by polski-g 1mo ago
If Italy doesn't shut down their services, the Italy itself will be shut out of SWIFT.
- 2legit2quit 1mo ago>...then* Italy itself will be shut out of SWIFT. SWIFT is headquartered in Belgium. Only 2 banks out of the total 24 on the board of directors is US banks. Unless there's a hostile takeover of the SWIFT organisation by the US, I think this is a bit of a stretch. (Plot-twist: Italy is on the board of directors.)
- polski-g 1mo agoSWIFT abides by international law and local laws. Including those against processing money transfer requests for terrorist organizations like A/I.
- 2legit2quit 1mo ago> SWIFT abides by international law and local laws. Including those against processing money transfer requests for terrorist organizations like A/I. A US sanction is neither a local (to all of SWIFT) or international law. The question still stands.
- marcosdumay 1mo agoSWIFT refused to shunt out the Brazilian banks that kept providing services to the public figures involved on the Bolsonaro trial last year.
- polski-g 1mo ago"Brazilian banks" were never classified as Foreign Terrorist Organizations. It is a specific designation and law that comes with 20 year prison sentences.
- marcosdumay 1mo agoAre you expecting Italian banks to be classified as terrorist organizations?
- mdp2021 1mo ago> Italy itself will be Because of a decision from the USA administration? ?!
- inigyou 1mo agoYes. It's the same mechanism that was used against Russia and Iran.
- epolanski 1mo agoI doubt this is how it works, besides, swift is an international organization, not a US one. US laws and sentences does not apply beyond US borders unless differently agreed.