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02-13-2010, 04:50 PM
Where in Africa is Iran using Nested Banks?
10 February 2010
Sanctioned Iranian state-owned banks that need to access the global financial system to purchase goods and services generally resort to nested banks as intermediaries. We have already covered the United Arab Emirates and Venezuela as jurisdictions where Iran evades international actions through local banks, but where else are they operating this scheme? Look closely at those nations in Africa where Iran is extending aid, or trading, and also cast an eye at China, now Iran's reported largest trading partner. A good compliance officer recognizes potential emerging threats, and alerts his or her staff to watch for any indicators that such threats have materialized.
We do not have any hard evidence yet to support our theory, but look at the fact that most banks in Africa have compliance regimes that are not at the level of banking best practices as it presently exists in Europe or North America, which makes them prime targets for money laundering activity. Remember, the banks in those countries may not have actually identified the transfers as illegal nested transactions, and have approved them.
Watch for funds transfers from the countries who now have substantial trade, aid or diplomatic relationships with Iran, where the purchases are for dual-purpose goods which could support Iran's WMD or ballistic missile programmes. These nations have ties with Iran, or are the subject of current Iranian overtures:
· Nigeria
· Senegal
· Sudan
· Zimbabwe
· Kenya
· Uganda
· Eritrea
· South Africa
· Ghana
· Burkina Faso
· Comoros Islands
· Congo
· Mauritania
· Gambia
It has not escaped me that some of these countries are also stopovers on the new cocaine transit route, from South America into Europe, and that some designated Middle Eastern terrorist organisations are now accused of co-operating with this drugs traffic. That route runs two ways; aircraft have also been observed traveling from Africa into the Western Hemisphere, with human cargo.
http://www.world-check.com/articles/2010/02/10/where-africa-iran-using-nested-banks
10 February 2010
Sanctioned Iranian state-owned banks that need to access the global financial system to purchase goods and services generally resort to nested banks as intermediaries. We have already covered the United Arab Emirates and Venezuela as jurisdictions where Iran evades international actions through local banks, but where else are they operating this scheme? Look closely at those nations in Africa where Iran is extending aid, or trading, and also cast an eye at China, now Iran's reported largest trading partner. A good compliance officer recognizes potential emerging threats, and alerts his or her staff to watch for any indicators that such threats have materialized.
We do not have any hard evidence yet to support our theory, but look at the fact that most banks in Africa have compliance regimes that are not at the level of banking best practices as it presently exists in Europe or North America, which makes them prime targets for money laundering activity. Remember, the banks in those countries may not have actually identified the transfers as illegal nested transactions, and have approved them.
Watch for funds transfers from the countries who now have substantial trade, aid or diplomatic relationships with Iran, where the purchases are for dual-purpose goods which could support Iran's WMD or ballistic missile programmes. These nations have ties with Iran, or are the subject of current Iranian overtures:
· Nigeria
· Senegal
· Sudan
· Zimbabwe
· Kenya
· Uganda
· Eritrea
· South Africa
· Ghana
· Burkina Faso
· Comoros Islands
· Congo
· Mauritania
· Gambia
It has not escaped me that some of these countries are also stopovers on the new cocaine transit route, from South America into Europe, and that some designated Middle Eastern terrorist organisations are now accused of co-operating with this drugs traffic. That route runs two ways; aircraft have also been observed traveling from Africa into the Western Hemisphere, with human cargo.
http://www.world-check.com/articles/2010/02/10/where-africa-iran-using-nested-banks