Iran investigation extends to 4 more banks

20 August 2012

Four more major European banks are under investigation over their alleged illegal involvement with Iran, it has emerged.

Last week, UK-based financier Standard Chartered announced it had agreed to pay a fine of $340 million to the New York State Department after the authority scrutinized claims the firm had laundered money for the Middle Eastern state.

And it has now been revealed that the business interests of Deutsche Bank and three other unnamed banks in Iran are now also being analyzed by regulators in the US amid speculation they may have violated trading rules.

Bodies such as the Justice Department and the Office of Foreign Assets Control are taking part in this investigation, although Deutsche Bank insists it has had no involvement with Iran for the last five years.

Friederika Borgmann, spokeswoman for the lender, told Bloomberg: "Deutsche Bank had decided by 2007 to reject any new business with Iran, Syria, Sudan and North Korea and to end existing relationships to the extent it was legally possible."

By Gary Cooper

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