"For reasons of political and security risk, existing sanctions, and the serious financial challenges associated with attempting business with Iran, many global banks have made it clear that they do not plan on doing business with Iran," Rosenberg told the US House of Representatives Foreign Affairs Committee.
Strategic advisory firm Financial Integrity Network Chairman Juan Zarate told the hearing it is up to Iran to prove it should receive additional business from the international community.
"Iran will not be in a position to join the international community completely, if it does not demonstrate clearly that it can engage as a trusted and transparent actor," Zarate stated.
Moreover, Iran has to decide whether it will abide by international standards and obligations, he added.
