NEW YORK: Ten international banks, including British-based Lloyds laundered "billions of dollars" for Iran through New York banks, Manhattan, District Attorney Robert Morgenthau announced on Friday.According to a report in the New York Daily News, 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 the 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," said Morgenthau.
Lloyds admitted it laundered 300 million dollars and agreed to pay a 350 mn dollar 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.
Steven Weber, a terrorism expert and professor of political science at the University of California Berkeley, said it is unusual for a bank like Lloyds to admit wrongdoing on such a large scale.
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8 comments:
Isn't Lloyds that big financial institution with HQ in Londonistan?
Citizen Warrior,
The people who run these banks need to roundly condemned. Isn't this kinda like trading with the axis during the second world war?
Don't be naive. Of course the bankers are going to make a buck off the country's enemy if they can get away with it. Just read The Arms of Krupp to get the slimy details of how bankers in Europe and the U.S. were aiding the Nazis and their industrialists in World War II.
Abu Abdullah,
I'm not being naive. People do stuff like this all the time when they think they can get away with it. That's one of reason it is, and should be against the law, and the people who do stuff like this need to be punished. You do have a right to live in America and help America's enemies in any way, for any reason, including to make a profit.
Abu, "don't be naive" seems to me a breech of courtesy. We are all on the same team here.
Citizen Warrior,
I've heard people say and seen people write ruder things. If Abu Abdullah, thought I was being naive, it was perfectly reasonable to point that out. Any failure or unwillingness not to face the facts could jeopardize our goals.
Damien, it is one thing to correct you, and I believe that kind of honesty is a good thing. It is another thing to insult or slander. It is not necessary to be harsh in order to argue or make a point.
Your own gracious class is a good example.
Citizen Warrior,
Well thank you.
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