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March 16, 2012 02:05 pm

Iran Deleted From the World's Banking Computers


dtjohnson writes "Iran is being deleted from the world banking system Society for Worldwide Interbank Financial Telecommunication (SWIFT) computers as of Saturday at 1600 UTC. Once the SWIFT codes for Iranian banks are deleted, Iranian banks will no longer be able to transfer funds to and from other worldwide banks, turning Iranian international commerce into a barter operation. SWIFT is taking the action at the request of EUmembers to comply with international sanctions against Iran due to its program to develop nuclear weapons. The effect will be to drastically hinder Iran's ability to execute international business transactions."

Read more of this story at Slashdot.


Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/UyDHfWQEFG8/iran-deleted-from-the-worlds-banking-computers

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