A US investigation into potential sanctions violations over alleged money transfers to Iran has expanded to involve nine European banks. Authorities suspect that some money transferred through the US banking system might have helped finance Iran’s nuclear and missile programmes, according to the US district attorney who has been conducting the joint investigation with US federal prosecutors. Lloyds TSB of the UK last week became the first bank involved in the inquiry to reach a settlement with US authorities, pay $350m after admitting it helped Iranian and Sudanese clients access the US banking system in violation of US sanctions.

This entry was posted by Gwen Robinson on Monday, January 12th, 2009 at 5:30 and is filed under Capital markets. Edit this entry.