News Alert: How a bank in Bahrain may have helped Iran conceal billions of dollars in international transactions and evade sanctions

Investigators in the tiny Persian Gulf nation of Bahrain have uncovered evidence of a sanctions-busting scheme by a bank that allegedly helped Iran conceal billions of dollars in international financial transactions, according to documents filed in a legal dispute. Records from a government audit reveal that the now-closed Future Bank — a joint venture partly owned by two of Iran's largest lenders — routinely altered financial documents for more than a decade to mask money transfers between Iran and foreign trading partners, the documents show. Many of the alleged violations occurred while Iran's banking sector was under severe international sanctions. Auditors also discovered hundreds of bank accounts tied to individuals convicted of crimes including money laundering and terrorism financing, as well as phantom loans provided to companies that operate as fronts for Iran's Islamic Revolutionary Guard Corps, according to confidential court filings obtained by The Washington Post.

Democracy Dies in Darkness     News Alert Tue, Apr 3, 2018, 10:22 AM     How a bank in Bahrain may have helped Iran conceal billions of dollars in international transactions and evade sanctions Investigators in the tiny Persian Gulf nation of Bahrain have uncovered evidence of a sanctions-busting scheme by a bank that allegedly helped Iran conceal billions of dollars in international financial transactions, according to documents filed in a legal dispute. Records from a government audit reveal that the now-closed Future Bank — a joint venture partly owned by two of Iran's largest lenders — routinely altered financial documents for more than a decade to mask money transfers between Iran and foreign trading partners, the documents show. Many of the alleged violations occurred while Iran's banking sector was under severe international sanctions. Auditors also discovered hundreds of bank accounts tied to individuals convicted of crimes including money laundering and terrorism financing, as well as phantom loans provided to companies that operate as fronts for Iran's Islamic Revolutionary Guard Corps, according to confidential court filings obtained by The Washington Post. Read more » Advertisement You received this email because you signed up for news alerts from The Washington Post. Manage my newsletters and alerts | Unsubscribe Privacy Policy | Help ©2018 The Washington Post, 1301 K St NW, Washington DC 20071