I notice this post got some downvotes. My statement is not a political one, it is a practical one.
Anyone who works with SWIFT understands that the system exists at the pleasure of the Americans. If the US decides to not allow SWIFT, then it will disappear quickly. Likewise, the US has the ability to regulate, and does regulate, the systems that are used for transferring money.
And to quote from the FFIEC [0], who regulates this stuff (well, one of the regulators at least):
"SWIFT is used to transmit foreign exchange confirmations,
debit and credit entry confirmations, statements,
collections, and documentary credits."
That's a ton of US Dollars that aren't going away, so SWIFT won't either.
Anyone who works with SWIFT understands that the system exists at the pleasure of the Americans. If the US decides to not allow SWIFT, then it will disappear quickly. Likewise, the US has the ability to regulate, and does regulate, the systems that are used for transferring money.
And to quote from the FFIEC [0], who regulates this stuff (well, one of the regulators at least):
That's a ton of US Dollars that aren't going away, so SWIFT won't either.[0] - https://bsaaml.ffiec.gov/manual/RisksAssociatedWithMoneyLaun...