Germany: Iranian bank investigated for evading sanctions

Germany: Iranian bank investigated for evading sanctions

Via Reuters:

Germany's financial market watchdog is investigating a report that an Iranian-owned bank in Germany is helping the Islamic Republic do business linked to its nuclear programme, the government said on Monday.

According to the Wall Street Journal, the European-Iranian Trade Bank AG -- called EIH Bank in Germany -- has done more than one billion dollars' worth of business for Iranian firms, including some blacklisted by the United Nations, the United States and the European Union.

This article was prepared by the Islam in Europe blog -

Citing Western officials, the newspaper said EIH "appears to have been involved" in a broad sanctions-evasion scheme, doing deals for Iran's state-run Bank Sepah, which is under international sanctions for aiding Iran's sensitive nuclear work.

(Photo, Spiegel)

Germany's Finance Ministry said the central bank and financial market watchdog BaFin were investigating the matter.

"The banking oversight currently has no findings about the infringements reported, but BaFin and the Bundesbank are investigating these accusations against this bank," ministry spokesman Michael Offer told a news conference.

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