By Kim R. Manchester, Thomson Reuters Accelus contributing author
TORONTO, Sept. 4 (Thomson Reuters Accelus) - The black market for Iranian oil will carry increasingly sophisticated money laundering risks for international banks engaged in correspondent banking, international trade finance and global payments. Sanctions evasion will remain the top priority for the Iranian government, state-owned enterprises and the bankers that enable firms around the globe who aim to profit from this black market.
The increase in risk is a result of tightening sanctions against Iran and the crackdown by American authorities on international banks accused of providing Iranian entities access to the U.S. financial system, often leading to enormous multi-million dollar settlements. (more…)