US - Efforts for "terror free" pension investment in the US have stepped up a level with senators beginning negotiations with oil and gas companies which have links to Iran.
Senior state, treasury and commerce department officials have met to discuss the tighter sanctions on dealings with the country proposed by the House Foreign Relations Committee.
These sanctions could prohibit investment in Iran or at least name and shame those pension funds investing in companies linked to the Islamic state.
Chairman of the US Senate Banking Committee, Christopher Dodd, said that since 1999, $126bn in oil and gas contracts had been signed or negotiated with Iran.
“There’s a growing interest here among our colleagues to tighten up legislatively, and we’ll make decisions in the coming days.”
The recently created Terrorism and Financial Intelligence Team have already met with over 40 banks around the world according to treasury undersecretary Stuart Levy.
Major players such as Credit Suisse and HSBC have already been convinced to halt transactions with Iran through discussions with the state department.
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