http://thefinanser.co.uk/fsclub/2012/03/was-swifts-governance-compromised-by-irans-ejection.html '...The official position regarding what happened is that SWIFT were forced to act by a decision of the European Council of the EU (member states), which prohibits provision of financial messaging services to the EU-sanctioned Iranian banks.
Because SWIFT is incorporated in Belgium, they have to comply with this new law and were instructed by the Belgian authorities to do so.
The action has no direct connection to the United Nations, USA or any other state outside the EU, but is all based on an EU decision which SWIFT had no choice about.
It is a complicated situation but I think it would be in SWIFT’s interest to behave as an instrument of the United Nations, rather than as the instrument of the USA, which is what the above demonstrates.
What the above demonstrates is that the US is learning how to control financial transactions globally in their war on the Middle East terror.....'