BANKS VIOLATE IRAN SANCTIONS
FROM A DIFFERENT POINT OF VIEW by Monte Friesner
27 September 2010
Banks will be sanctioned for Iran Sanctions Violations?
When will the regulatory axe fall upon those US, Europe, Asia and Latin America Banks who are conducting financial transactions on behalf of Iran? There are at least 100 American Banks who have existing correspondent relationships with more than 1000 Foreign Banks, who themselves are correspondents of Iranian banks.
While these US banks have conveniently no direct connection with Iran; the results are that Iran has ready access to the US Financial system, and can purchase dual-purpose goods, which are always shipped to another country, but whose end user is invariably Iran.
Can anyone spell ~ Willful Blindness?
Since both US regulatory agencies and the US Department of Justice are certainly going to strictly enforce Iran sanctions and regulations, given America's foreign policy in Iran, you can expect to see the following:
- The imposition of large fines and penalties for violations of Iran sanctions, with highly visible media coverage.
- Criminal indictment on money laundering charges, with no offer of a Deferred Prosecution Agreement.
- Indictment of the senior officers at the bank who were involved.
- Severe reputation damage, with resulting client flight from the bank.
- Possibly, in extreme cases, the "bank death penalty," ~ bank charter revocation.
Banks are committing suicide today!
As a former Felon, what I simply cannot understand and comprehend is why any American and/any Bankers believe that law enforcement agencies investigating Iranian connections; will not stumble upon their roles; identify their sanctions violations; and bring criminal charges.
No profits are worth breaking both the letter and the Spirit of the Law for.
Will Bankers go to prison on money laundering charges?
We cannot say, but you can expect to see the proverbial fur fly very soon;
Please ensure that you are not one of those.
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