Germany considers Iranian bid to withdraw 300 million euros cash - Bild

 

General view of the entrance to the European-Iranian Trade Bank AG eihbank (Europaeisch-Iranische Handelsbank) in the northern German town of Hamburg September 8, 2010. REUTERS/Christian Charisius

 

BERLIN (Reuters) - German authorities are considering a request by Iran to withdraw 300 million euros (265.11 million pounds) from bank accounts held in Germany and transfer the cash to Iran, Bild newspaper reported Monday, citing unnamed government officials.

 

Tehran is seeking withdraw the funds from the Europaeisch-Iranische Handelsbank AG (eihbank) because it is worried that it could run out of cash when fresh U.S. sanctions against its financial sector take effect, Bild said.

 

Washington has announced new sanctions on Iran and ordered all countries to stop buying Iranian oil by November and foreign firms to stop doing business there or face U.S. blacklists.

 

One of the world's biggest shipping lines, France's CMA CGM, announced on Saturday it was pulling out of Iran for fear of becoming entangled in U.S. sanctions after U.S. President Donald Trump abandoned the 2015 nuclear agreement in May.

 

Iran told the German Financial Supervisory Authority (BaFin) it needed the cash from the accounts "to pass on to Iranian citizens who require cash while travelling abroad, given their inability to access recognised credit cards," Bild said.

 

BaFin was now reviewing the request, which had been briefed to senior officials in the chancellery, foreign ministry and finance ministry, the newspaper reported.

 

The finance ministry had no immediate comment. The Bundesbank, BaFin and the foreign ministry declined to comment. A spokeswoman for eihbank declined to comment, citing bank secrecy laws.

 

U.S. and Israeli intelligence agencies fear the money could be used to fund armed groups in the Middle East, but German government officials said they had no indications of such plans, Bild reported.

 

Foreign ministers from the five remaining signatory countries to the nuclear deal -- Britain, France, Germany, China and Russia -- offered a package of economic measures to Iran on Friday but Tehran said they did not go far enough.

 

(Reporting by Andrea Shalal; Editing by Robin Pomeroy)

 

-- © Copyright Reuters 2018-07-09

its my money and i want to withdraw it....cash.

 

good luck with that...pmsl

 

If I want to withdraw a large sum of cash from my bank, the presumption is I'm a terrorist or  a money launderer (or both) and it's up to me to prove that I'm not. Good luck with that, Iran.

4 hours ago, webfact said:

Iran told the German Financial Supervisory Authority (BaFin) it needed the cash from the accounts "to pass on to Iranian citizens who require cash while travelling abroad, given their inability to access recognised credit cards," Bild said.

??

Even a blind man can see the truth behind it.

 

4 hours ago, webfact said:

U.S. and Israeli intelligence agencies fear the money could be used to fund armed groups in the Middle East, but German government officials said they had no indications of such plans, Bild reported.

It seems German government is still in a deep asleep or they want to keep their eyes close to save their investments in Iran. Or perhaps future business opportunities in Iran. 

 

My bet is that they will cave in to the request,  & probably top it up with another billion or so euros,  U N at work here. 300 million euros, just lying around,  unbelievable. !!!

55 minutes ago, Rustapha said:

My bet is that they will cave in to the request,  & probably top it up with another billion or so euros,  U N at work here. 300 million euros, just lying around,  unbelievable. !!!

Isn't this actually the Iranians own money which they deposited in the German bank?

 

Now if they wanted to take some out to spend on goods and services from German businesses the Germans would fall over themselves to get it out.

 

Western governments now want to use the banks to control what everyone can and cannot do with their own money. Security concerns, terrorism, money laundering etc etc are the buzz words and the banks do as told because they might need a bail out one day.

 

Western governments are no longer interested in democracy, citizens rights, and serving the people. It's about control, ruling the people and very often thieving to line their own pockets. They are aided and abetted by the equally corrupt banking system. 

 

Bet Merkel can take out all she wants from her accounts.

As despicable as their government may be, it is their money. It doesn't belong to Germany.

10 hours ago, Baerboxer said:

Western governments are no longer interested in democracy, citizens rights, and serving the people. It's about control, ruling the people and very often thieving to line their own pockets. They are aided and abetted by the equally corrupt banking system. 

You got it !

It is sad , but it is exactly as you say .

As said, it is their money. Last time they left THEIR money in western banks, it took 40 years to get it back due to US sanctions. Very sensible precaution.

An off topic post bashing the USA has been removed as well as a reply. 

22 hours ago, Baerboxer said:

Isn't this actually the Iranians own money which they deposited in the German bank?

 

Now if they wanted to take some out to spend on goods and services from German businesses the Germans would fall over themselves to get it out.

 

Western governments now want to use the banks to control what everyone can and cannot do with their own money. Security concerns, terrorism, money laundering etc etc are the buzz words and the banks do as told because they might need a bail out one day.

 

Western governments are no longer interested in democracy, citizens rights, and serving the people. It's about control, ruling the people and very often thieving to line their own pockets. They are aided and abetted by the equally corrupt banking system. 

 

Bet Merkel can take out all she wants from her accounts.

 

I think there's a difference between private deposits and ones made by governments. But either way, even with regard to a private client, banks and governments would be well within their rights to withhold funds provided there was enough reason to suspect something isn't right. Terms and conditions and all that.

 

Security concerns, terrorism and money laundering are not buzz words. They all exist. Sure, there are instances in which this is used for leverage, control and whatnot. But doesn't make them non-existent. The stock rants about how Western governments are undemocratic and such may convince bashers and purists. IMO, a matter of degree - and I'll take any Western government over Iran's (for example).

 

If the Iranians wished to spend the money buying German it wouldn't be an issue. Both for obvious self-serving reasons, but also because then the money trail would be transparent (or at least, more so).

 

 

13 hours ago, kamahele said:

As despicable as their government may be, it is their money. It doesn't belong to Germany.

 

Withholding funds or freezing accounts isn't the same as confiscating money. Depositing money in any bank comes with quite a few caveats, terms and conditions.