Germany tightens cash transfer rules as Iran seeks funds

Germany’s central bank is changing its terms and conditions to provide for deeper scrutiny of cash transfers, a move that comes as Iran seeks to repatriate cash held in a Hamburg-based bank and the U.S. presses allies to get tough on Tehran.

Iran wants to bring home 300 million euros ($353 million) it has in the European-Iranian Trade Bank ahead of new U.S. sanctions. German authorities have been examining the request.

Changes to its business conditions taking effect Aug. 25 allow the Bundesbank to block transfers absent assurances that a transaction doesn’t violate financial sanctions or money-laundering rules.

U.S. ambassador Richard Grenell said Saturday that the U.S. is grateful to the German government “for recognizing the need to act. Iran’s malign activities throughout Europe are a growing concern for us.”