Legislation combating Iranian nuclear program will expand sanctions against corporations that have any business dealings with Islamic Republic

Over the past few years Prime Minister Benjamin Netanyahu has often spoken of the need to take the fight against Iran to financial channels, and on Tuesday the Ministerial Committee on Legislation took his words to heart and approved the "combating the Iranian nuclear program" bill.

The purpose of the bill, which is being promoted by the Prime Minister´s Office, is to limit Israeli investment in corporations that have "major business connections" with Iran. The bill will now be brought before the Knesset for a preliminary reading.

A memorandum stated that "For over three decades Iran is threatening world peace in general and, more specifically, the destruction of the Jewish State."

It went on to claim "Iran which is aspiring to acquire nuclear weapons and supports a wide network of worldwide terror groups is a danger to global order and security. We cannot accept that regional and global reality."

The bill´s clauses explain and expand on the sanctions that will be imposed in Israel on elements that have distribution cooperation with Iran.

Distribution is defined as any act that promotes Iran´s nuclear program and any project connected to the production of weapons of mass destruction, including the sale and transport of commodities, technology, information and providing financial and logistic services.

Moreover, the bill determines that increased sanctions would be imposed on corporations that have business contacts with, or invest in the Islamic Republic.

The bill supplements and expands the current arrangements within Israeli legislation on the matter and creates a comprehensive settlement with the intent of including the reference to sanctions against Iran in one law designated for that purpose.

In addition, the bill´s memorandum proposes that the Finance Ministry establish a sanctions HQ that will be responsible for the list of elements that have business contacts with Iran. (Copyright 2012 © Yedioth Internet 05/29/12)