t appears, with the US dropping out of the Western agreement with Iran on WMD and ballistic missile production projects, blanket sanctions will be reimposed. That will drive more Iranian nationals, and their sanctions evaders and money launderers, back to the East Caribbean CBI States for economic passports. Will they be served this time, or will the East Caribbean States, with new gatekeepers, turn away their potentially lucrative ( but dangerous and illegal) business? You can expect a new crop of Iranian applicants visiting the CBI consultancies in Dubai, but under no circumstances should they be allowed to submit applications.
Hopefully, the Alireza Monfared scandal was enough to deter Dominica the next time, as well as CBI administrators in St Kitts & Nevis, Antigua & Barbuda, St Lucia and Grenada. To again give in to avarice would expose the guilty jurisdictions to still more "de-risking" of their local banks' correspondent accounts in North America, as well sanctions violations, and the US money laundering charges.
We trust that the Monfared case has sufficiently deterred the other CBI states from accepting more Iranian nationals, whose subsequent arrests could generate extremely damaging negative news, resulting in a major drop in future CBI applications for that jurisdiction. This includes Iranian expats, who may be partners in the massive Iran sanctions evasion scheme.
Will the CBI jurisdictions try to reduce risk by redlining Iranian nationals? We cannot say, but we hope they have learned from their previous (and costly) mistakes.
* Note: According to intelligence reports, the Islamic Republic of Iran is the world's largest supporter of terrorist groups and a strong supporter of the President of Syria who has been murdering his own citizens to control Syria.
Chronicles of Monte Friesner - Financial Crime Analyst
Contributed by Kenneth Rijock - Financial Crime Consultant