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Ahmadinejad Orders Iran's Banks to Move Assets to Beat EU Freeze

[Telegraph-UK ] Con Coughlin - The president of Iran has ordered the country's leading banks to transfer billions of dollars of assets from Europe to the Central Bank to prevent them being frozen by international sanctions, according to Western diplomats. The funds are being moved through a secret network of "front" companies set up in Gulf states such as Dubai. Washington succeeded in persuading the UN Security Council to monitor the financial dealings of two Iranian banks - Bank Melli and Bank Saderat - as part of the new sanctions imposed against Iran in March. According to reports received by Western diplomats, officials at Bank Melli have been ordered by the Iranian government to smuggle assets held in Europe back to Iran. This follows a surprise raid by German financial investigators last month on Bank Melli in Hamburg. The bank was ordered to freeze its activities until a thorough examination had been carried out. Western officials fear most of the bank's assets will have been repatriated to Iran before any ban comes into force. They are particularly concerned at the role of Dutch banks in helping to transfer funds back to Tehran via Dubai.
2008-06-10 01:00:00
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