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Thursday July 18th, 2019 5:30AM

Reports: Iran drops bid to transfer millions out of Germany

By The Associated Press

BERLIN (AP) — German media outlets are reporting that Iran has rescinded its request to transfer 300 million euros ($347 million) in cash from a Hamburg-based bank in a case that been closely followed by the U.S.

The dpa news agency, along with the Sueddeutsche Zeitung newspaper and NDR and WDR broadcasters, reported Tuesday that Iran has informed German financial regulator Bafin it was dropping the request to repatriate the cash from the European-Iranian Trade Bank.

Bafin said it had no immediate comment.

The U.S. had been pressuring German authorities to reject the request, making clear it had concerns about potential terrorist financing and money-laundering.

Germany's Bundesbank last month changed its conditions allowing it to block transfers unless it receives assurances that a transaction doesn't violate financial sanctions or money-laundering rules.

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