NEW YORK (AP) A Turkish bank must face criminal charges that it evaded sanctions against Iran by processing billions of dollars of Iranian oil revenue, an appeals court ruled Friday. The 2nd U.S.
A U.S. appeals court ruled on Friday that state-owned Turkish lender Halkbank can be prosecuted over accusations it helped Iran evade American sanctions.
A U.S. appeals court ruled on Friday that state-owned Turkish lender Halkbank can be prosecuted over accusations it helped Iran evade American sanctions.
NEW YORK (AP) A Turkish bank must face criminal charges that it evaded sanctions against Iran by processing billions of dollars of Iranian oil revenue,
By Jonathan Stempel (Reuters) - A U.S. appeals court on Friday rejected Halkbank s bid to dismiss an indictment accusing the state-owned Turkish lender of helping Iran evade American sanctions. The 2nd U.S. Circuit Court of Appeals said even if the Foreign Sovereign Immunities Act shielded the bank, the charge against Halkbank falls under the commercial activity exception. Prosecutors accused Halkbank of converting oil revenue into gold and then cash to benefit Iranian interests and documenting fake food shipments to justify transfers of oil proceeds. They also said Halkbank helped Iran secretly transfer $20 billion of restricted funds, with at least $1 billion laundered through the U.S. financial system. Halkbank has pleaded not guilty to bank fraud, money laundering and conspiracy charges over its alleged use of money servicers and front companies in Iran, Turkey and the United Arab Emirates to evade sanctions. The bank had argued that it is immune from prosecution under the federal