U.S. outlines Iran's sanction evading tricks
January 10th, 2013
02:22 PM ET

U.S. outlines Iran's sanction evading tricks

By Jamie Crawford

The U.S. Treasury alerted global financial firms on Thursday to watch out for any attempts by Iran to evade economic sanctions as they get tougher.

"The practices involve the use of third-country exchange houses or trading companies that are acting as money transmitters to process funds transfers through the United States in support of business with Iran," that are not exempted or authorized, the Office of Foreign Assets Control said in an advisory.

Adam Szubin, the OFAC director, told reporters the trend is not limited to any one country.

But he said the tactic showed the steps Iran is taking to access foreign currency reserves after most of the large banks it dealt with in the past have been blacklisted by ongoing sanctions aimed at bringing it to the negotiating table over its disputed nuclear program.

Szubin said U.S. government was in the process of pursuing a number of cases to legally address the "evolving and emerging threat." He said to "stay tuned" for any specifics.

The scale of most of the transactions is in the "tens of thousands" of dollars while occasionally reaching the low hundreds of thousands, Szubin said. Mostly in dollars and euros, the transactions are aimed at shoring up Iran's rapidly declining foreign currency reserves, he said.

Since 2005, the Treasury Department has imposed more than $2 billion in fines on HSBC, Credit Suisse and Lloyds Bank for violating U.S. sanctions on Iran and other pariah governments.

In its advisory, the Treasury Department outlined certain scenarios for how financial firms might recognize Iranian abuse of exchange houses and trading companies in an effort to evade sanctions.

For instance, a specific entity may repeatedly attempt to send payments through the United States in apparent violation of U.S. sanctions, or the volume or frequency of payments involving an individual exchange house or trading company indicates an uncharacteristic spike in activity or is inconsistent with the type of business generally conducted.

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Filed under: Iran • Sanctions
soundoff (37 Responses)
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    February 22, 2013 at 12:55 pm | Reply
  3. Jannani

    America is the root of all terror. America has invaded sixty countries since world war 2.
    In 1953 America overthrow Iran's democratic government Mohammad Mosaddegh and installed a brutal dictator Shah. America helped Shah of Iran to establish secret police and killed thousands of Iranian people.
    During Iran-Iraq war evil America supported Suddam Hossain and killed millions of Iranian people. In 1989, America, is the only country ever, shot down Iran's civilian air plane, killing 290 people.
    In 2003,America invaded Iraq and killed 1,000,000+ innocent Iraqi people and 4,000,000+ Iraqi people were displaced.
    Now America is a failed state with huge debt. Its debt will be 22 trillion by 2015.

    January 11, 2013 at 12:42 pm | Reply
    • Mo

      Your comments are correct. The Iranian navy was stationed in Philadelphia up unto 1973 or there about. The Shah was the puppet that was put into place by the US after the government overthrow. The shah was their boy! When he made the mistake of nationalizing the national oil then he fell into his problems. The shah was dying and could not get treatment anywhere in the world. Everywhere he went pressure was put on that government to deport the shah. He ended up in Egypt under President Sadat. Where he did and is buried in Egypt.
      The Ayatollah Khomeini could not catch a plane anywhere in the world while living in France. the American's had to give their permission for the Ayatollah to leave. President Carter had some influence in this decision.
      The Shah's son who still calls himself Crown Prince Reza is living in the US and the riches of the country are in the US. there is no way the people want this puppet to be put into power. Too much history to write about. This is really bad. There has been a war on drugs for years. They are producing record crops of opium and heroin in Afghanistan while a war is going on. Go figure. All is not as i seems. I been to Iran in 2007 and 2008. The Iranian people who are not rich are suffering while these sanctions go on. it will be difficult for this regime to be overthrown unless the US doesn't offer some support. The people in the bazaar are trying to flex it's muscle but the ordinary people don't have food to eat as the price of food is climbing each day. So the sanctions are not working.
      Iran is a beautiful country. No doubt!

      January 12, 2013 at 7:22 am | Reply
  4. Tom

    Yea...Yea.......the World community says thanks U.S.....................but "F" off!

    January 11, 2013 at 2:11 am | Reply
  5. me

    That's right keep tightening that noose around their neck, its kind of hard to by parts if your dollar is worth nothing. I hope this forces the Iranian government to choke on their plans and make them take a seat at the table. I wouldn't lift a single sanction against the government of Iran even when their at the table, make them tear their nuke program to pieces. Assad is just about out of time, next it will those idiotic clerics in Iran that are hurting their own people with these policies.

    January 10, 2013 at 6:11 pm | Reply
    • wjmccartan

      Gee me, you sound like another hateful, sadistic, right-wing Tea Partier. Are you one? We already have far too many of them posting here as it is so give us a break!

      January 10, 2013 at 7:20 pm | Reply
    • glennrobert

      Why do we have sanctions?

      January 11, 2013 at 1:25 am | Reply
  6. George Patton

    I see that Barack Obama and his right-wing henchmen are showing their stupidity as usual in regards towards Iran.These clowns still believe that they can somehow starve Iran into submission with their politics of hunger. Even more disgusting is how those idiots at the I.C.C. are talking about indicting Bashar al-Assad. Barack Obama is just as guilty as he is, if not more so!!! Like JFK once said, life is not fair!

    January 10, 2013 at 5:09 pm | Reply
  7. uncoverup

    Maybe Jack Lew will be better than former AIG Chairman Maurice R. Greenberg's boy Timothy Geithner in enforcing the Iranian sanction against US-based international oil companies (IOCs) like ConocoPhillips that have been evading them since Reagan began imposing them against Iran and Libya in 1986 (see http://Iran-Conoco-Affair.US and http://UncoverUp.net). Hey Jack, start by taking a close look at the Iranian LNG IOCs like ConocoPhillips are commingling with Qatar LNG and exporting as Qatari LNG.

    January 10, 2013 at 4:44 pm | Reply
    • Bibi your Master

      You stupid Americans are even dumber than dumb . . . .while we making billions of dollars doing business with the Iranians, we are keeping you stupid Americans from making any money off the Iranians. OUr plan is make you stupid AMericans feel the pain while we rake in the profits.

      Just remember to suck it when we say suck harder since all you stupid Americans are only good with your mouths and you like getting drilled in the butt. Oh yeah, we like doing the drilling since that is what we are good at here in israel.

      Remember we own you stupid Americans. We tell you what to do. This war we are making you fight against Iran benefits only US and not you. You stupid Americans just stand by and wait until we give you the order to attack Iran. Then you can do what you do best for us . . . . and that is to die for us. Ha ha ha .....have you ever seen any of our boys, our brave idf fighing along side your stupid Marines in any of these wars in the Middle East we have started on our behalf? Nope, and you won't ever see an israeli idf solider fighting a war to protect israel . . . we have you stupid Americans to do that for us.

      We own you. You stupid Americans are only good on your knees when giving us head. or taking it in the butt.

      Yippppppppppppppppppppeeeeeeeeeeeeeeeeeeeeeee for stupid Americans.

      Soon we're going to take your guns away.

      israel forever and we rule the world!

      ha ha ha!

      January 10, 2013 at 5:15 pm | Reply
      • bertdeuce

        Time to get back on that medication dear boy...

        January 10, 2013 at 5:52 pm |
      • hoff

        the time has come for those unbelievers the see what this world really is and to face facst that those sychopate ediots cant change mother nuture and its dweling.they dont wort 5%percent of life. dwl fooooolssssss

        January 11, 2013 at 12:41 pm |
      • Fff

        You are genetic idiots whom mothers and fathers have sifilis by generations...
        America will forever leader in the world !!!
        Go to hell and kiss your donkeys under ....

        January 11, 2013 at 6:19 pm |
      • NOTISRAEL

        This message is not from Israel, but probably from some person posing as one. Israel and US relations are strong could ever be, and will remain, for I am sure of it. This is person poses as a Israeli person, so try to get as many US citizens angry with Israel as possible. So I would not believe, US Citizens, that this is a a person from Israel one bit!

        February 7, 2013 at 5:24 pm |
  8. massoud

    I wonder if Iran has talked to HSBC who laundered Mexican Cartels Money

    January 10, 2013 at 3:39 pm | Reply
  9. Tembisa

    Reblogged this on World Chaos.

    January 10, 2013 at 3:26 pm | Reply
  10. bribarian

    Why arent there sanctions on israel after the UN passed a resolution against their nuclear sites?

    January 10, 2013 at 3:18 pm | Reply
    • glennrobert

      Good point!

      January 11, 2013 at 1:26 am | Reply
    • Edwin

      Becuase world politics are a cesspool of hypocrisy.

      January 11, 2013 at 11:02 am | Reply
    • Bibi Your Master

      I sure love stu pud comments from stu pud Americans . . . .just so you know, we own the UN. We, the smartest people on the planet . . .we . . . .are the zine-0-ist and we own you stu pud Americans.

      Look: Just do what you are told to do when we tell you and we'll let you buy food on credit.

      Ha ha ha ha . . . its so fun looting your money from you stu pud AMericans.

      Soon, we're going to take all your guns away.

      Then no one can stop us from ruling the world. Bibi is our Master and you stu-oud Americans are OUR slaves to do what we want you to do.

      Get used to it!

      January 11, 2013 at 11:28 am | Reply
      • Edwin

        There's only one Bibi I'd ever call master, Bibi Jones!

        January 11, 2013 at 12:51 pm |

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