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Bush Administration Targets Foreign Banks over Iran Sanctions
By Brian Orsak
printThe Bush Administration has been investigating at least a half-dozen large foreign banks for Iranian sanctions violations, a former government official said today. UK-based institutions Barclays PLC and Lloyds TSB Bank both said last month that they were being investigated by the U.S. Justice Department and the Treasury Department's Office of Foreign Assets Control (OFAC) for possible violations of sanctions against state sponsors of terror. Both institutions said in filings with the Securities and Exchange Commission that the probes involve dollar transactions cleared through New York branch offices and that both were cooperating with U.S. authorities. Barclays said in its...
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