OPINION

Friday, November 7, 2008 3:23 PM

Bush Toughening Iran Policy In Final Days

By AMY HARDER

The Treasury Department's revocation of Iran's "U-turn" license will take effect Monday, a sign that the Bush administration is going to continue ramping up its efforts against the Middle Eastern country in President Bush's waning days in office.

By revoking its U-turn license, the Treasury Department is prohibiting Iran from accessing the U.S. financial system. Stuart Levey, undersecretary for terrorism and financial intelligence,  said in a statement that this action terminates the "last general entry point for Iranian banks -- both state-owned and private.... U-turn transactions allowed U.S. banks to indirectly process payments involving Iran if they began and ended with a non-Iranian foreign bank."

Levey cited similar actions by others around the world, such as the European Union and Australia, to stress the risk posed by Iran and its missile program. This decision, he wrote, is also in response to a fourth warning issued by the international Financial Action Task Force in October about the threat that all financial systems face when dealing with Iran.

In another sign suggesting Bush is not going to sit idle, AP reports that the outgoing administration will recommend to President-elect Obama that he push for further expansion of the Afghan army.

Additional reporting by SHANE HARRIS