WSJ: Billions Of Dollars From Iran Are Flowing Through U.S. Banks

Despite the sanctions-imposed ban on financial transactions with Tehran.

Every year, billions of dollars from Iran pass through clearing accounts at U.S. banks, despite the sanctions prohibiting financial transactions with the Islamic Republic. This was reported by The Wall Street Journal citing officials and researchers.

According to the WSJ, Tehran gains access to these accounts through foreign partners who maintain relationships with U.S. banks as part of the correspondent banking system. This system has existed for over a century and connects the global financial system, “providing Iran with numerous covert channels.”

The Trump administration recently issued a warning to foreign banks conducting dollar transactions with Iran through correspondent accounts in the U.S. and also called on U.S. banks to tighten controls on transactions related to the Islamic Republic. However, according to the publication’s sources, detecting such transactions is difficult because Iran uses a complex network of shell companies and other methods of concealment.

Last year, the U.S. Treasury Department identified approximately $9 billion in Iranian funds that had passed through U.S. banks. Experts believe this amount could be reduced if U.S. banks were more proactive in identifying suspicious transactions.

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