Ecuador to channel financial operations with Iran through third parties
Inter American Security Watch translated this article, Vía terceros se canalizaría operación financiera con Irán, from El Universo:
Ecuador to channel financial operations with Iran through third parties, for the purpose of helping Iran avoid sanctions,
QUITO: The Ecuadorian Finance Co., Inc. (COFIEC), a bank that was seized a decade ago by the former Deposit Guarantee Agency (AGD) would be the legal vehicle used by the Ecuadorian state to conduct financial transactions with Iran.
The Central Bank of Ecuador (BCE) decided to conduct financial transactions through COFIEC as a part of financial cooperation agreements between Ecuador and Iran, as recorded in the minutes of the meeting that both countries held on January 12.
The bilateral meeting was attended by President Rafael Correa and his Iranian counterpart Mahmoud Ahmadinejad.
The minutes from the meeting also specify that Ecuador’s Central Bank will open a bank account in a third country, where Iran will also register a bank account.
The document states that the purpose of this decision is to “facilitate trade” between the two countries.
They agreed that COFIEC should operate with banks that have not been targeted by international sanctions. The bank’s officials were supposed to travel to third countries where they would scout the appropriate financial institutions for their project and then travel to Teheran in late January 2012 in order to finalize details.
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