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Wanted SA Financial Consultant Profiles German-Iranian Bank Nine Years before OFAC Sanctions
FROM A
DIFFERENT POINT OF VIEW by Monte Friesner
26September 2010
This week,* the Office of Foreign Assets Control (OFAC) designated the Europaisch-Iranische Handelsbank AG based in the City of Hamburg, Germany and Tehran, Iran, as a major violator of both NPWMD and Iran Sanctions.
OFAC had previously named the bank in June of 2010, as an SDN. A Financial Consultant who is now presently with Wanted SA first profiled the bank nine years ago, on 22 December, 2001 when just appointed as Financial Advisor to the EU and also to the “DUMA” - and reported the bank and transaction as contrary to the sanctions.
The bank, which was established in 1971, reportedly has exceptionally close ties to several sanctioned Iranian Banks, and has allegedly participated in a number of transactions involving the purchase of goods that have facilitated both Iran's banned nuclear enrichment operation, and also its illicit ballistic missile development programme.
This Bank is believed to be under the direct control of the Government of Iran, according to the US Department of the Treasury. Please note that the bank's former name was the Deutsch-Iranische Handelsbank AG in Germany and the name was changed in order to defray attention.
Look to Wanted SA for early warning, and profiling, of high-risk institutions and individuals, and read "From a Different Point of View" daily, to learn about emerging threats facing compliance officers both now, and in the future.
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For further information about this OFAC Sanction:
Treasury Department Targets Iranian-owned Bank Facilitating Iran's Proliferation Activities
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The facts and opinions stated in this article are those of the author and not those of WANTED SA. WANTED SA does not warrant the accuracy of any facts and opinions stated in this article; does not endorse them, and accepts no responsibility for them.
