US clamps down on Iran

WASHINGTON (AP) -- The Bush administration has moved to clamp down on Tehran by barring financial institutions from routing certain money transfers through the United States on behalf of Iranian banks, Iran's government and others in that country.

Specifically, the Treasury Department announced Thursday that it is revoking Iran's so-called "U-turn" license that until now has allowed for such money transfers.

"This regulatory action will close the last general entry point for Iran to the U.S. financial system," according to a department release on the action.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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