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Pakistan financial bodies to be hit by US law on Iran sanctions

      Financial firms in Pakistan will now be hit by strict American law on Iran sanctions, according to a report. Pakistan was not granted the necessary waiver extended so far to India and 19 other countries. The US on Friday slapped sanctions against a pair of money exchange networks in Pakistan and Afghanistan for alleged terrorist financing. Pakistan and Afghanistan are not included in 20 countries that, according to Secretary of State Hillary Clinton, have significantly reduced their import of oil from Iran . This means that banks from both Pakistan and Afghanistan could face punishment if they handle transactions for Iranian oil, The Nation reports. Pakistan and Afghanistan will not face sanctions as a whole, but their financial institutions will now be subject to bans in the US if found to have dealt with Iran 's central bank to arrange the purchase of oil. The list of 20 countries which were given the waiver, was announced in three phases, the last two of them being China and Singapore . India , Belgium , Britain , the Czech Republic , France , Germany , Greece , Malaysia , Italy , Japan , the Netherlands , Poland , South Africa , South Korea , Spain , Sri Lanka , Taiwan and Turkey have also been exempted so far.

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