Armenia moved to allay on Tuesday newly publicized Western fears that its banking sector could be used by neighboring Iran for financial transactions violating international sanctions imposed on Tehran over its controversial nuclear program.
"The Central Bank of Armenia obligates all banks and financial institutions in the Republic of Armenia to scrutinize their transactions, in order to avoid any possible involvement in transactions considered unacceptable by the international community," the CBA said in a statement.
The statement came in response to an extensive report by Reuters saying that Iran is keen to expand its banking presence in Armenia to deceive Western governments and intelligence agencies trying to stifle the Iranian nuclear program through serious curbs on the Islamic Republic's banking ties worldwide.
Armenian News
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