Court Says Turkish Halkbank To Be Charged In Iran Sanctions Case

October 22, 2021

Publication: 

Associated Press

Related Country: 

  • Turkey

A U.S. appellate court ruled that Halkbank, a Turkish bank, is not shielded from criminal charges related to a $20 billion Iran sanctions evasion scheme that took place between 2011 and 2015. The October 22 ruling comes after the bank argued its conduct was protected by the Foreign Sovereign Immunities Act. The court found that the Act exempts crimes committed during commercial activity, so prosecutors may proceed with criminal charges first pressed in 2019. Earlier criminal cases against the individuals who used Halkbank to channel funds to Iran, Reza Zarrab and Mehmet Hakan Atilla, resulted in guilty pleas and convictions.