A Turkish bank has been charged in Manhattan federal court for its role in a multibillion-dollar Iranian sanctions evasion scheme.
TÜRKİYE HALK BANKASI A.S., also known as “Halkbank,” was charged today in a six-count indictment with fraud, money laundering, and sanctions offenses related to the bank’s participation in a multibillion-dollar scheme to evade U.S. sanctions on Iran. U.S. attorneys accuse the bank of moving billions of dollars of Iranian oil revenue that was protected and supported by high-ranking Iranian officials. The officials also reportedly received millions of dollars in bribes to promote the scheme.
Assistant Attorney General for National Security John C. Demers said: “Halkbank, a Turkish state-owned bank, allegedly conspired to undermine the United States Iran sanctions regime by illegally giving Iran access to billions of dollars’ worth of funds, all while deceiving U.S. regulators about the scheme. This is one of the most serious Iran sanctions violations we have seen, and no business should profit from evading our laws or risking our national security.”