Obama slapped Iran with entirely illegal sanctions by declaring that country’s banking system to be ‘a money laundering concern.’ The move effectively puts foreign banks that deal with Iran on FATF’s list.
Of course, Iranian banks are no more engaged in money laundering than those of US-friendly Dubai. Russia decried the sanctions, though it benefits greatly from them as Iranians are forced to conduct their oil transactions in rubles.
But more importantly, Obama loses on both ends. He allows Iran to become a nuclear power because the sanctions are not critical to its economy in the short term, and he ensures in the long term that that this nuclear nation will be extremely hostile to the United States.