U.S. Indicts Turkish Bank for Multibillion-Dollar Iranian Sanctions Evasion Scheme

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Thursday, October 17, 2019
Author: 
Bruce Zagaris
Volume: 
35
Issue: 
10
Abstract: 

On October 15, 2019, the Department of Justice (DOJ) announced that an indictment was returned, charging Túrkiye Halk Bankasi A.S (“Halkbank”) in a six-count indictment with fraud, money laundering, and sanctions offenses concerning the bank’s participation in a multibillion-dollar scheme to evade U.S. sanctions on Iran.[1] The indictment alleges that from approximately 2012 through 2016, Halkbank was a foreign financial institution organized under the laws of and headquartered in Turkey.