VIDEO: U.S. and allies levy new, stricter sanctions on Iran

The United States, the United Kingdom and Canada have levied a new round of sanctions on Iran — punishment for that country's continuing nuclear ambitions.

According to The New York Times, the European Union is expected to impose its own sanctions later on Tuesday.

Secretary of State Hillary Clinton and Secretary of the Treasury Timothy Geithner announced that the U.S. had labeled Iran a primary money laundering concern and imposed new sanctions to go along with that.

"Today we are taking the very significant step of under the PATRIOT Act, for the first time, we are identifying the entire Iranian banking sector, including the Central Bank of Iran, as a threat to government and financial institutions that do business with Iranian banks," Geithner said.

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