3 charged with sanctions evasion in USA

A Turkish businessman, Reza Zarrab, has been arrested in the USA on charges of conspiring to evade US sanctions on Iran, money laundering, and bank fraud.  The arrest was made shortly before an indictment setting out the charges against Mr Zarrab and 2 co-conspirators, Camelia Jamshidy and Hossein Najafzadeh, was unsealed on Monday last week.

According to the indictment, between at least 2010 and 2015 the 3 conspirators engaged in transactions on behalf of the government of Iran and several other blocked Iranian entities, laundered the proceeds of those transactions, and defrauded a number of financial institutions by concealing the nature of the transactions.  Among the alleged beneficiaries of the conspiracy were Bank Mellat, National Iranian Oil Company, Naftiran Intertrade Company Ltd, and Hong Kong Intertrade Company, all of which are still subject to primary US sanctions. The Department of Justice’s press release is here.

This entry was posted in Iran, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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