US, Turkey ro ewvisit Iranian Bank transaction issue

Turkey and the United States today will revisit the topic of monetary transactions with Iran-based banks, an issue which has soured relations between the two allies in recent months, at a two-day meeting to review the implementation of international sanctions on Iran. US Undersecretary for Terrorism and Financial Intelligence Stuart Levey is leading an interagency delegation to Turkey for meetings with senior government officials and private-sector leaders on protecting the international financial system from illicit activities, according to a US Embassy statement. The US is particularly worried about commercial relations between the Turkish state and private banks with their Iranian counterparts. As Turkey and Iran use their national currencies in trade, there are concerns that suspicious transactions could escape international monitoring. According to the embassy, Levey will also continue the US Treasury's ongoing dialogue with foreign governments and financial institutions on recent measures taken by the US and others around the world to implement UN Security Council Resolution 1929 as well as the US' Comprehensive Iran Sanctions Accountability and Divestment Act (CISADA). Turkey has already said it will abide by UN sanctions against Iran, despite voting against the measures in spring, but that US laws restricting business with Iran are not binding on Turkey.