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Reza Zarrab, the Iranian oil sanctions evader who was the principal defendant in the New York Federal criminal case, but is now cooperating with the authorities, is presently testifying, this week, against the remaining defendant in custody, Halkbank Deputy CEO, Mehmet Atilla. Zarrab will most likely be benefiting from his testimony at trial, through Government motion, when he is eventually sentenced.
Thereafter, his defense team, who are charged with assisting Zarrab navigate the complex Sentence Reduction minefield, will thereafter be seeking to have their client give evidence that will persuade the US Attorney to seek a reduction in the sentence that was pronounced, through testimony that will result in Grand Jury indictments of yet more defendants.
Some of the possible new defendants:
(1) Zarrab's two partners in the oil-for-gold Iran oil sanctions evasion scheme, Zanjani & Monfared, both of whom are known to be in custody in Iran, and facing the death penalty.
(2) Individuals, in Malaysia, specifically Labuan, the country's offshore financial center, who assisted Alireza Monfared, and Babak Zanjani, in the illegal sale of sanctioned Iranian oil.
(3) The other Turkish banks & bankers who participated in Zarrab's massive oil-for-gold scheme.
(4) Senior officials in Dominica, who were responsible for Monfared obtaining a Dominica diplomatic passport, as well as a CIP passport. Possibly also individuals who sought, or obtained, additional economic passports for Zarrab and/or his crew.
(5) Iranian nationals who were part of the Zarrab/Zanjani/Monfared organization.
Who will be next to be charged ? We cannot say, but we will be monitoring the case closely.
Thereafter, his defense team, who are charged with assisting Zarrab navigate the complex Sentence Reduction minefield, will thereafter be seeking to have their client give evidence that will persuade the US Attorney to seek a reduction in the sentence that was pronounced, through testimony that will result in Grand Jury indictments of yet more defendants.
Some of the possible new defendants:
(1) Zarrab's two partners in the oil-for-gold Iran oil sanctions evasion scheme, Zanjani & Monfared, both of whom are known to be in custody in Iran, and facing the death penalty.
(2) Individuals, in Malaysia, specifically Labuan, the country's offshore financial center, who assisted Alireza Monfared, and Babak Zanjani, in the illegal sale of sanctioned Iranian oil.
(3) The other Turkish banks & bankers who participated in Zarrab's massive oil-for-gold scheme.
(4) Senior officials in Dominica, who were responsible for Monfared obtaining a Dominica diplomatic passport, as well as a CIP passport. Possibly also individuals who sought, or obtained, additional economic passports for Zarrab and/or his crew.
(5) Iranian nationals who were part of the Zarrab/Zanjani/Monfared organization.
Who will be next to be charged ? We cannot say, but we will be monitoring the case closely.
Chronicles of Monte Friesner - Financial Crime Analyst
Contributed by Kenneth Rijock - Financial Crime Consultant
