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Swiss Bank Taught Iran How to Avoid Financial Detection

Updated on December 17, 2009

It goes without saying, you cannot trust your friends when it comes to earning a buck. If you look away, they will take advantage of you. This time, it was Credit Suisse Bank playing both sides of the fence for profit. Huge freaking profits with a known terrorist country that the world is at odds with--Iran.

The US just received an award of $536 million dollars for the bank's conducting secret meetings with Iran, which allowed Iran and other rogue countries to carry out transactions with US dollars for the past 10 years. During its heyday, which ended in 2007, when the bank closed its Tehran office, it created a document for Iran teaching them how to avoid detection by US authorities when conducting financial transactions and how to properly format them to avoid suspicion. During this time, the Swiss bank moved or processed over $1 billion dollars in payments manipulated to hide where it originated, Iran. For their clients, the bank also made $150 million dollars in illegal investments using secret code names to hide the bank's identity. Besides the Swiss, some nine other banks were under the gun also.

The Swiss were not the first to play both sides. The British bank, Lloyds, also had to pay $350 million in fines for aiding Iran in evading US sanctions! Even the US bank, Citibank, was nailed when the US froze $2 billion dollars of Iran's assets, which were held by the Bank for Iran! Last month, the US seized $500 million of Iran's real estate and bank deposits from the Alavi Foundation in New York when evidence surfaced much of the money was used to fund intelligence activities for Iran.

This is all coming at a time when Obama is tightening the financial knot on Iran in another stiff round of sanctions which will cripple Iran's ability to ship oil and trade. But as we have seen, there are plenty of banks in the West willing to look the other way in order to make a profit and take the chance of getting caught.


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    • perrya profile image

      perrya 8 years ago

      No big surprise, money talks!

    • Albertttt profile image

      Albertttt 8 years ago

      Nice hub indeed.

    • Presigo profile image

      Presigo 8 years ago from Spokane, Wa

      very good article. Nice to recieve info on the inside game that goes on in the banking world