SWIFT Clouds Between International Legal Storms? Bank Melli, the CJEU and Secondary Sanctions

Abstract

This case comment offers a new perspective on the Bank Melli decision of the CJEU by integrating the missing discussions on SWIFT. This is a crucial element that was merely referred to in the Opinion of the Advocate General as oppose to full ruling by the CJEU. A crucial part of the comment is the role of the Iran Threat Reduction and Syria Human Rights Act of 2012 (US) and how it enfolden SWIFT and therefore the implications in other legislations that are used to apply secondary sanctions. The comment also use material from the US Treasury to add context in terms of the Bank Melli decision and how international law underperforms when financial sanctions touches and concerns the United States. Bank Melli, SWIFT, Iran Threat Reduction and Syria Human Rights Act 2012, Financial Sanctions, Financial Messaging