Iran General NewsUS probes Chinese banks on Iran business: report

US probes Chinese banks on Iran business: report

-

AFP: US justice authorities are broadly probing Chinese banks over their business with Iran, The New York Times reported Thursday, after one Chinese bank was hit with sanctions in late July.

WASHINGTON (AFP) — US justice authorities are broadly probing Chinese banks over their business with Iran, The New York Times reported Thursday, after one Chinese bank was hit with sanctions in late July.

The authorities have extended investigations of British banks HSBC and Standard Chartered to search for information on Chinese banks’ relationships with Iran that might have violated US sanctions, the Times said.

The probes involve the US Justice Department and the Manhattan, New York district attorney’s office, and remain at an informal level.

But they come after both of the British banks have been hit with hefty fines in the United States for handling money transfers and other business that crossed US sanctions.

Earlier this month Standard Chartered settled extensive sanctions violation allegations with New York state’s Financial Services Department, agreeing to pay a $340 million fine.

Federal officials are still investigating the bank on the same accusations.

Both banks have extensive Asia and Middle East networks and both have deep links with China’s financial system.

“Prosecutors hope that the banks’ executives, as part of settlements, will shed more light on Chinese banks’ independent relationships with Iran,” the Times said.

But US prosecutors do not yet have enough information to launch formal investigations, it added.

The main concern is that suspect Iran firms may tap Chinese banks to help transfer money to them that could be routed through US units of the Chinese banks.

Investigations into sanctions violations by other major global banks, including ABN-Amro, Barclays, Credit Suisse, Lloyds and ING, “yielded valuable information about Chinese banks’ relationships with Iran,” the Times said, citing US law enforcement officials.

On July 31 Washington imposed official sanctions on the Bank of Kunlun, which is controlled by the state-owned energy giant China National Petroleum Corp.

The US Treasury said the bank “has provided significant financial services to more than six Iranian banks that were designated by the United States in connection with Iran’s weapons of mass destruction programs or its support for international terrorism.”

A furious Beijing said the US move on Kunlun Bank was groundless and “seriously violates the norms of international relations and damages China’s interests.”

 

Latest news

The Role of Students and Universities in Iran’s Nationwide Uprising

In the national uprising of the people of Iran, which started in mid-September this year, the students played a...

Snapback Sanctions, a Must Response to Iran’s Human Rights Abuse and JCPOA Violations

The protests in Iran have been going on for more than two months, even though the regime is cracking...

Growing Disintegration Among Iran Regime’s Forces

Iran has been shaken by a wave of nationwide protests since mid-September. The trigger was the death of the...

Grim Tidings for Iran’s Regime After Approval of UN Fact-Finding Mission

After many discussions and debates, the United Nations Human Rights Council has approved a fact-finding mission to investigate the...

Iranian People’s Resistance Changed the Appeasement Policy

Soon after the new US government started its obligations in January 2021, hand in hand with the European governments...

Khamenei’s Disgraceful Campaign Against Piranshahr and Javanrud, Who Will Be the Loser?

On the 67th day of Iran’s revolution, the Iranian regime attempted to put a halt to the protests in...

Must read

Iran’s Revolutionary Guards recruiting “terrorists”

Iran Focus: Tehran, Oct. 28 - The “Mohammad Rassoul-o...

Muffling the drums of war with Iran

Washington Post: Netanyahu insists that Iran is developing a...

You might also likeRELATED
Recommended to you