Prosecutors in the United States say they have unearthed evidence in recent international money-transfer investigations that Chinese banks may have flouted Washington-imposed sanctions against Iran.
Now, as they investigate banks suspected of funneling billions of dollars through their American branches to Iran and other sanctioned nations, the officials are looking for transactions that could offer more information on the banks? dealings with Iran.
Information on how Chinese banks may have routed money on behalf of Iranian banks and corporations is more valuable than any monetary settlement the authorities could win from the global banks, law enforcement officials, because the US could use the information to strengthen its efforts to choke off economic dealings with Iran.
The US has been ratcheting up its sanctions as Iran?s nuclear ambitions raise considerable risks. The investigations of two London-based banks, HSBC and Standard Chartered, could prove especially fruitful, said the law enforcement officials.
As part of their broader investigations, prosecutors are examining whether any money transfers originated from Chinese banks and moved through the British banks before being routed through their American branches.
Prosecutors hope that the banks? executives, as part of settlements, will shed more light on Chinese banks? independent ties with Iran.
Despite clues gleaned from the prior cases, officials have not yet accumulated enough evidence to open a formal probe into the Chinese banks.
The prosecutors are concerned the banks may allow clients suspected of financing weapons development to open accounts in China, and then get access to dollars through money transfers from a foreign bank by way of its American subsidiary.
