Halkbank Accused of Helping to Launder Billions of Dollars for Iran to Avoid US Economic Sanctions
The Supreme Court of the United States ruled that the Halkbankwhich is owned by the Turkish government, she is not immune from prosecution in New York federal court for allegedly violating US economic sanctions on Iran.
Halkbank is accused of helping to launder billions of dollars for Iran to evade America’s economic sanctions.
The court rejected Halkbank’s arguments that she is immune from prosecution in US courts under the FSIA of 1976.
The Supreme Court asked the 2nd US Circuit Court of Appeals to review Halkbank’s request to dismiss the prosecutions.
A lawyer for Turkey’s Halkbank had argued to judges that the sovereign immunity law shielded the institution from prosecution.
In particular, US prosecutors accuse Halkbank of converting oil proceeds into gold, then into cash to serve Iranian interests, and forging food shipment documents to justify the transfer of oil proceeds. They also say Halkbank helped Iran smuggle $20 billion, of which at least $1 billion was laundered through the U.S. financial system. Prosecution falls under commercial activity exemptions.
The case allegedly involves both Turkey’s then finance minister and Erdogan’s son-in-law, Berat Albayrak, as well as the Turkish president himself. The Halkbank case complicated US relations with Turkey. Turkish President Recep Tayyip Erdogan had called the accusations against the bank “an unfair, ugly” step.
Source :Skai
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