Quantcast

Jewish Journal

JewishJournal.com

August 27, 2013

Calif. bars state banks from funding Iran, terror groups

http://www.jewishjournal.com/nation/article/calif._bars_state_banks_from_funding_iran_terror_groups

Iranian President-elect Hassan Rohani gestures to the media during a news conference in Tehran on June 17. Photo by Fars News/Majid Hagdost/Reuters

Iranian President-elect Hassan Rohani gestures to the media during a news conference in Tehran on June 17. Photo by Fars News/Majid Hagdost/Reuters

California enacted a measure making it illegal for state-chartered financial institutions to be used, directly or indirectly, to funnel money to terrorist groups or the government of Iran.

The law signed Monday by Gov. Jerry Brown provides oversight mechanisms to ensure that the state-licensed banks and credit unions have policies to prevent the maintenance and opening of accounts with foreign financial institutions that legally assist Iran.

Violators would be fined and reported to the U.S. Treasury Department for prosecution.

The state Assembly and Senate overwhelmingly passed the measure.

The legislation “sends a clear message that California — the ninth largest economy in the world — will not tolerate efforts by this Iranian regime to achieve nuclear weapons capabilities,” said Bob Blumenfield, a member of the Los Angeles City Council who backed the measure along with the Jewish Public Affairs Committee of California.

JewishJournal.com is produced by TRIBE Media Corp., a non-profit media company whose mission is to inform, connect and enlighten community
through independent journalism. TRIBE Media produces the 150,000-reader print weekly Jewish Journal in Los Angeles – the largest Jewish print
weekly in the West – and the monthly glossy Tribe magazine (TribeJournal.com). Please support us by clicking here.

© Copyright 2014 Tribe Media Corp.
All rights reserved. JewishJournal.com is hosted by Nexcess.net
Web Design & Development by Hop Studios 0.2438 / 42