Sat 10 Jan 2009
Iranian banks illegally shifted billions of dollars through American financial institutions in recent years, and authorities suspect some of the money may have been used to finance Iran’s nuclear and missile programs.
Some of the world’s top banks helped Iran get around international sanctions even as the rogue nation was steering its blood money into the hands of terror groups, prosecutors charged Friday.
Ten international banks including British-based Lloyds laundered “billions of dollars” for Iran through New York banks, Manhattan District Attorney Robert Morgenthau announced Friday. The scheme helped Iran turn its dirty money into greenbacks, which it could then use to buy goods prohibited by international sanctions.
Some of the money went to fund terrorist groups like Hamas and Hezbollah, and to help Iran get materials, including tungsten, for long-range missiles, sources said.
“This is one of the biggest investigations we’ve ever conducted.”
Lloyds admitted it laundered $300 million and agreed to pay a $350 million fine and open its books to investigators. If records show that the bank knew it was helping Iran break international law or foster terrorism, Lloyds could face criminal prosecution, authorities said.
None of the other nine banks was identified because they are working out similar agreements with Morgenthau’s investigators. The CIA will also review the bank records.
Read (more…)
