Bankers defying US sanctions on Iran

The IMF said its account with Iran's Central Bank is related to Iran's membership in the IMF and doesn't violate sanctions imposed on Tehran due to its refusal to stop its nuclear program. Now, a US anti-Iranian group of former US diplomats and government officials insists the IMF should close its account with Iran's Central Bank. Called United Against Nuclear Iran, the anti-Iranian group also has been critical of IMF Managing Director Christine Lagarde for meeting with CB governor during the recent IMF spring meeting last month in Washington. The IMF, however, said the IMF account at Iran's central bank is there to hold the Iranian funds committed to the IMF as an obligation of its membership as a crisis lender. William Murray, IMF spokesman, said that in accordance with the IMF constitution, the IMF holdings of each member's currency "are maintained with the central bank of the relevant member, including Iran. There is nothing in the EU or US sanctions regimes that are inconsistent with these arrangements."