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Lloyds forfeits $350m for disguising origin of funds from Iran and Sudan

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Lloyds TSB has agreed to forfeit $350m (£231m) to law enforcement authorities in the US after admitting breaking ­international sanctions by secretly channelling Sudanese and Iranian money into the American banking system.

In the biggest penalty ever levied for a breach of US sanctions, the British bank has accepted responsibility for criminal conduct in a case involving the deliberate falsification of wire transfers to disguise their origin.

The US justice department said last night that between 1995 and 2007, Lloyds routinely removed customer names, bank names and addresses from payments so that wire transfers would pass undetected through filters at US institutions.

 

"For more than 12 years, Lloyds facilitated the anonymous movement of hundreds of millions of dollars from US-sanctioned nations through our financial system," said acting assistant attorney general Matthew Friedrich.

 

"More than $350m moved from places such as Iran through locations around the world because Lloyds stripped identifying information from international wire transfers that would have raised a red flag at US financial institutions."

 

The case is an expensive embarrassment for Lloyds, which is in the process of taking over HBOS under a deal brokered by the government. Taxpayers could shortly have a stake in the merged bank, ­depending on the outcome of a ­fundraising underwritten by the Treasury.

 

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Lloyds forfeits $350m for disguising origin of funds from Iran and Sudan | Business | guardian.co.uk


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So if Iran successfully builds a nuclear bomb, we will know who facilitated the financing of it.

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Shows their complete lack of integrity. If they'll do this on an international scale, why should they have any qualms about ripping off Joe Public.:-x


 

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