US says Chinese banks may have flouted sanctions on Iran transfers
Officials say they have unearthed evidence that branches in New York may have flouted sanctions by funnelling money to Tehran
Prosecutors say they have unearthed evidence in recent international money-transfer investigations that Chinese banks may have flouted United States sanctions against Iran.
Now, as they investigate global banks suspected of funnelling billions of dollars through their US branches to Iran and other sanctioned nations, the prosecutors are looking for transactions that could offer more information on the banks' dealings with Iran.
Information on how Chinese banks may have routed money on behalf of Iranian banks and corporations was more valuable than any monetary settlement the authorities could win from the global banks, law enforcement officials said.
This was because the US could use the information to strengthen its efforts to choke-off economic dealings with Iran.
The US has been ratcheting-up its sanctions as Iran's nuclear ambitions raise the risk of military action from Israel and shocks to the global economy.
The investigations of two London-based banks, HSBC and Standard Chartered, could prove especially fruitful, the law enforcement officials said.
