The Washington Post on 3rd April that evidence from a Bahraini government audit reveal of a multi-billion-dollar corruption scheme by the now-closed Future Bank that secretly helped Iran evade sanctions for more than a decade, according to documents filed in a legal dispute.  The bank was a joint venture between Bahrain’s Ahli United Bank and Iran’s Bank Melli and Bank Saderat, and records indicate that it routinely altered financial documents to mask illicit trade between Iran and dozens of foreign partners, allegedly concealing least $7 billion worth of transactions between 2004 and 2015.  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.


Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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