US Sanctions Czar - Stuart Levey

US sanctions czar to step down

(AFP)

WASHINGTON — Long-time US sanctions point man Stuart Levey is stepping down from his role targeting terror groups, weapons smugglers and narco-traffickers, the Treasury Department announced Monday.

A thorn in the side of regimes from Iran to North Korea and organizations from Al-Qaeda to the Cali drug cartel, Levey is to leave office after more than six years heading the US government's financial sanctions program.

His official title, Treasury "under secretary for terrorism and financial intelligence," masked Levey's role at the apex of US efforts to tackle terrorism and weapons proliferation in the wake of the September 11, 2001 attacks on New York and Washington.

Levey was appointed in 2004 by then-president George W. Bush and tasked with starving targeted individuals, groups and countries of access to the vast US financial system.

The tactic, largely ignored before the September 11 attacks, became a crucial strand of US strategy as it pressured Iran and North Korea to abandon their nuclear programs and made life more difficult for terror and drug-trafficking groups.

As well as cajoling, shaming and forcing US companies into cutting ties with targeted groups and their affiliates, Levey also played a key role in persuading European and Russia allies -- who often had deeper trade ties with the likes of Iran or Zimbabwe -- to act.

Treasury Secretary Timothy Geithner said Levey had initially agreed to serve President Barack Obama's administration for six months, but would now leave after serving it for two years.

He is expected to be replaced by deputy David Cohen, although the administration has yet to announce the appointment formally.

"Stuart has been tremendously effective. He's the best mixture of toughness and creativity," said Geithner, who insisted the personnel change would not mark a shift in policy.

"It will have no effect on policy, or on our ability to execute the president's policy," he said.

"David came to Treasury with well-established outside expertise and has worked at Stuart's side for the last two years."

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