U.S. steps up sanctions pressure on Iran

WASHINGTON Mon Nov 21, 2011 5:28pm EST

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WASHINGTON Nov 21 (Reuters) - The United States named Iran a "primary money laundering concern" on Monday and Treasury Secretary Timothy Geithner warned global banks should beware of doing business with Iran that might aid its nuclear program.

"Financial institutions around the world should think hard about the risks of doing business with Iran," Geithner said in a prepared statement.

In a joint appearance with Geithner at the State Department to announce new U.S. sanctions, U.S. Secretary of State Hillary Clinton said the designation showed the risk of any financial transaction with Iran.

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