Posts Tagged ‘sanctions evasion’

h1

Iranian billionaire sanctions evader on trial

October 8, 2015

Even leaving aside the terrorist financing and sanctions evasion, Iran’s financial system is as clean as a sewer.  Assets unfrozen by the Iranian nuclear deal aren’t only at risk of being used for nefarious purposes, but are also at risk for theft, mismanagement, and to worsen the corruption of endemic to the Iranian regime and its associates abroad.  This trial in Turkey helps illustrate that point.  From Today’s Zaman:

Iran may confiscate Zanjani’s assets in Turkey-linked graft case

All assets belonging to Babak Zanjani — supposedly the richest businessman in Iran who also has alleged ties with the prime figure in Turkey‘s graft scandal — might be confiscated, as sought in the indictment of his trial, known as the biggest corruption case in Iran’s recent history.

The Turkish daily Hürriyet reported on Monday the third session of the first hearing into Zanjani’s trial, which started on Oct. 3, and cited the Tehran deputy chief prosecutor who continued to be the reader of the 237-page indictment following the first and second sessions that were held on Saturday and Sunday.

While referring to the charges against Zanjani — which are mainly charges of fraud, money laundering and corruption both within Iran and in several other countries, including in Turkey — the deputy chief prosecutor said, “I [therefore] demand the confiscation of all of the defendant’s assets in Iran and other countries, including those assets that have been fraudulently transferred to his associates, in the national interests of the Islamic Republic of Iran.”

Zanjani, believed to be the richest man in Iran who has reportedly $14 billion in assets, is known for helping the Iranian government evade the Western sanctions that were imposed on the country over its disputed nuclear program.

Advertisements
h1

Stashes and sanctions: suggested news reading

May 28, 2015
  • ISIS financier killed in raid; documents seized… more>>
  • Danish jihadists receive 400,000 crowns in welfare benefits, and counting… more>>
  • Iraq faced sanctions for years thanks to Saddam. Now it faces sanctions again thanks to an Iraqi airline helping Iran evade its sanctions… more>>
  • Spain busts up a Chinese money laundering operation that helps illustrate how “smurfing” works… more>>
h1

Lawsuit: sanctions evasion helped kill U.S. troops

November 30, 2014

Many of the attacks during the Iraq insurgency that left over 4,000 American troops dead were carried out by Sunni militants funded by and aligned with Al Qaeda, former members of Saddam Hussein’s regime, the Gulf monarchies, or combinations of all three. But a new lawsuit by veterans and the families of our war dead is pointing out that a lot of the killing of coalition forces also came from Shia terrorists trained and funded by Iran. Iran was able to fund the trainers of those terrorists partly because of Iran’s access at the time to the international financial system as allowed by major banks with branches in the U.S. despite the sanctions against Iran throughout the 2000s.

From Reuters earlier this month (h/t El Grillo):

U.S. veterans sue banks, claim they should pay for Iraq attacks

Wounded U.S. veterans and family members of U.S. soldiers killed in Iraq sued five European banks on Monday, seeking to hold them responsible for shootings and roadside bombings because they allegedly processed Iranian money that paid for the attacks.

The lawsuit filed in U.S. District Court in Brooklyn, New York, named Barclays Plc, Credit Suisse Group AG, HSBC Holdings Plc, Royal Bank of Scotland Group Plc and Standard Chartered.

Barclays, Credit Suisse, RBS and Standard Chartered declined to comment. HSBC did not respond to requests for comment.

The lawsuit was brought under the U.S. Anti-Terrorism Act, a 1992 law that permits victims to bring private suits against alleged financiers of militant operations.

The lawsuit alleges the banks conspired with Iranian banks to mask wire transactions in order to evade U.S. sanctions. The Iranian banks then funneled more than $100 million to militant groups that operated in Iraq at Iran’s direction, according to the suit.

The militant groups included a Shi’ite militia in Iraq, Kataib Hezbollah, as well as Quds Force, the overseas arm of Iran’s Islamic Revolutionary Guard Corps, the suit says.

Since 2009, the five banks have agreed to pay about $3.2 billion to the U.S. government to resolve allegations that they handled money in violation of sanctions against nations such as Iran, Libya and Cuba. All the banks signed deferred prosecution agreements with the U.S. Justice Department in addition to settlements with U.S. banking regulators…

h1

Financial sleight of hand: suggested news reading

June 19, 2014
  • The Palestinian Authority’s stipends to convicted terrorists are beginning to worry countries that give foreign aid.  One P.A. official’s solution?  Have the PLO pay the stipends instead through a bookkeeping trick… more>>
  • The president of the Western Australia Islamic Council pleads not guilty in $8 million methamphetamine case… more>>
  • Two writers tried setting up shell companies 4,000 times as research for a book. They were only asked for photo identification 20 percent of the time… more>>
  • Despite the Dutch company Fokker’s voluntary disclosure of violating sanctions by shipping aircraft parts to Sudan and Iran, their scheme was sufficiently purposeful and egregious to warrant criminal prosecution… more>>

 

h1

Nefarious finance: recommended reading

April 3, 2014
  • Back in each other’s arms:  Iran’s financial relationship with Hamas “has returned to what it was,” says Iran’s shura council… more>>
  • The pro-Hamas Islamic charity IHH  is hinting that it will launch another Turkish-based, Mavi Marmara-style “peace flotilla”… more>>
  • Al Qaeda in Iraq and Syria has its own revenue sources and doesn’t feel the need to answer to Ayman al-Zawahiri… more>>
  • Smuggling gold to keep Iran in the black?  Prosecutors uncover a sanctions evasion crime ring in Turkey that may go all the way to Prime Minister Erdogan’s office… more>>
h1

Tricky business in France: news roundup

March 9, 2014
  • BNP Paribas may have disguised transactions with Iran. A major settlement with the U.S. over the alleged sanctions violation may be in the offing… more>>
  • Credit Agricole and Societe Generale are under investigation by U.S. officials for helping Iran skirt sanctions too… more>> (h/t Sal)
  • During this current sanctions pause, delegates representing 120 French corporations have traveled to Tehran about potential business deals… more>>
  • U.S. regulators are concerned about France’s intentions to build satellites for the United Arab Emirates with U.S. components… more>>
  • French anti-money laundering regulator Tracfin finds that crime rings are increasingly reliant on bitcoin and other virtual curriencies… more>> (Fr)
h1

The money jihad: recommended reading

February 13, 2014
  • A senior Al Qaeda facilitator/financier in Iran is “more active than ever”… more>>
  • Sharia-compliant finance was concocted by the Muslim Brotherhood to undermine the Western financial system and establish the banking backbone of a neo-Caliphate, says the American Center for Democracy… more>>
  • Al Qaeda affiliates have more money than Al Qaeda Central. Time to rethink who’s calling the shots… more>>
  • Sen. Warner says that he knows from the intelligence community that what happened to Target shoppers in its credit card breach “happens daily to financial institutions”… more>>
  • Banks and businessmen should keep an eye on Turkey because it’s still helping Iran evade sanctionsmore>>