WSJ: Iran trading illegally through Western banks
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3/23/2022
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GovXContentSection
The Wall Street Journal's Ian Talley on March 18 published an expose of how Iran circumvents global trade sanctions using proxies illegally working with Western banks.
"Iran (has) established a clandestine banking and finance system to handle tens of billions of dollars in annual trade banned under U.S.-led sanctions … enabling Tehran to endure the economic siege and giving it leverage in multilateral nuclear talks…
"Iranian banks that serve companies barred by U.S. sanctions establish … proxies (that) trade with foreign purchasers of Iranian oil and other commodities ... through accounts set up in foreign banks … The Iranian importers and exporters trade foreign currency among themselves, on ledgers maintained in Iran …
"U.S. law prohibits foreign banks from using U.S. dollars for transactions Washington has sanctioned ... Additionally, banks are required by local laws to comply with international anti-money-laundering standards …
"The Wall Street Journal reviewed financial transactions for scores of Iranian proxy companies in 61 accounts at 28 foreign banks in China, Hong Kong, Singapore, Turkey and the United Arab Emirates … and Iran’s government has openly boasted about its ability to finance sanctions-busting trade."
Click here to read the article
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