Iran's Covert Cash Trail: Lloyds & Santander implicated in global sanctions-evasion scandal
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Documents obtained by the Financial Times (FT) reveal that Iran illicitly used Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services. The state-controlled Petrochemical Commercial Company (PCC) and its British subsidiary, PCC UK, have been under US sanctions since November 2018, accused of raising funds for the Iranian Revolutionary Guards Quds Force and collaborating with Russian intelligence agencies. Both banks allegedly provided accounts to British front companies secretly owned by PCC. PCC has been accused of using UK companies to receive funds from Iranian front entities in China, concealing their ownership through trustee agreements and nominee directors. Santander and Lloyds Banking Group stated their compliance with sanctions laws but did not comment on specific customer relationships. Politicians expressed concerns about the UK's failure to curb such activities on its soil and called for stronger actions against IRGC-connected entities. PCC UK continued operations in the UK and entered contracts with a Turkish company later sanctioned by the US for collaborating with senior IRGC officials. PCC UK's Belgravia office is also revealed to be the registered address for NIOC International Affairs (London) Ltd, a division of Iran's US-sanctioned national oil company implicated in financing IRGC and Iranian military activities.

#Iran #Sanctions #Lloyds #Santander #PetrochemicalCommercialCompany #PccUk #FrontCompanies #MoneyLaundering #Uk #Us #Irgc #RussianIntelligence #Compliance #Politicians #Nioc

https://www.wionews.com/business-economy/irans-covert-cash-trail-lloyds-santander-implicated-in-global-sanctions-evasion-scandal-687029