(Wall Street Journal) Ian Talley - Chinese, Middle Eastern and Western banks have provided banking services to Iran's sanctioned energy and industrial sectors, corporate documents show. Through a network of proxy companies, foreign exchange houses and intermediaries, Iran holds bank accounts that collectively transact tens of billions of dollars a year in trade that is otherwise banned under U.S. sanctions. The network was designed and implemented by Iran's political leadership. HSBC Holdings PLC and Standard Chartered PLC, two of the largest banks in the world, were among a slew of institutions that provided services to companies that handled banned trade on behalf of major Iranian exporters. The international banks have provided a critical release valve from U.S. financial pressure and have bought Iran time to advance its nuclear program. While Western intelligence officials have no evidence that the banks are complicit in permitting the sanctioned Iranian transactions, companies registered outside of Iran that secretly maintain bank accounts for Iranian companies could escape controls meant to catch money laundering. Iran's ability to circumvent the West's blockade on its financial system shows the limits of global financial sanctions.
2022-06-23 00:00:00Full ArticleBACK Visit the Daily Alert Archive