Identifier
Created
Classification
Origin
07LONDON1239
2007-04-02 15:57:00
CONFIDENTIAL
Embassy London
Cable title:
USG CONCERNS ABOUT IMPLEMENTATION OF UNSCR 1747
how-toVZCZCXYZ0142 OO RUEHWEB DE RUEHLO #1239 0921557 ZNY CCCCC ZZH O 021557Z APR 07 FM AMEMBASSY LONDON TO RUEHC/SECSTATE WASHDC IMMEDIATE 2745 INFO RUEAIIA/CIA WASHINGTON DC PRIORITY RHEHNSC/NSC WASHDC PRIORITY RUEKJCS/SECDEF WASHDC PRIORITY RUEATRS/DEPT OF TREASURY WASHDC PRIORITY RUCNDT/USMISSION USUN NEW YORK PRIORITY 0909 RHEHAAA/WHITEHOUSE WASHDC PRIORITY
C O N F I D E N T I A L LONDON 001239
SIPDIS
SIPDIS
STATE FOR ISN/CPI (RUGGIERO),NEA/IR (MISKO)
TREASURY FOR TFFC (LOEFFLER)
E.O. 12958: DECL: 04/01/2017
TAGS: EFIN PARM KNNP IR UK
SUBJECT: USG CONCERNS ABOUT IMPLEMENTATION OF UNSCR 1747
WITH RESPECT TO BANK SEPAH
REF: SECSTATE 40440
Classified By: Economic Counselor Sandra Clark for reasons 1.4(b) and (
d)
(C) The UK has taken a number of measures to ensure that Bank
Sepah's assets have been frozen and that there is no asset
flight. According to Patrick Guthrie of HM Treasury, the
Financial Services Authority (FSA - the single UK financial
services regulator) had issued an assets requirements order
on March 20 which prohibited Bank Sepah from moving any of
its assets overseas. The Bank of England subsequently froze
Bank Sepah's assets on March 24, the day UNSCR 1747 was
approved. Since then, the Bank of England, the FSA, and HM
Treasury have been closely monitoring Bank Sepah, and have
been in near daily touch with Bank Sepah regarding its
balance sheet. Guthrie was unaware whether either the Bank
of England or the FSA had been in direct contact with Bank
Sepah's correspondent banks in London, but said that he would
be in touch with both entities to raise the issue.
Visit London's Classified Website:
http://www.state.sgov.gov/p/eur/london/index. cfm
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