Islamic Republic of Iran Shipping Lines (IRISL) and 15 other defendants were indicted in New York for illegally funneling more than $60 million through the American banking system since 2008. According to the indictment, IRISL and its co-defendants were able to avoid U.S. sanctions by transacting through shell companies established in countries such as Singapore, the United Arab Emirates, and the United Kingdom. Prosecutors said IRISL needed access to U.S. banks to compete in the shipping sector, which primarily does business in U.S. currency.