The Iranian regime is allegedly using the UK's Santander Bank and Lloyds bank accounts to secretly move money to evade international sanctions imposed on the country. According to the Financial Times. British media explain that, based on documents they have access to, both entities maintain accounts for companies that are secretly in the hands of the Commercial Petrochemical Company, an Iranian company subject to the aforementioned sanctions.
The commercial petrochemical company is part of an international network of companies that the United States accuses of raising hundreds of millions of dollars for the Iranian Revolutionary Guard and working with Russian intelligence to fund militias close to the Iranian regime.
Documents analyzed by the Financial Times show how the network of companies was formed in order to conceal that Pesco UK, the company that had a bank account at Santander UK, was in fact the commercial petrochemicals company.
According to the Financial Times, Banco Santander “was unable to comment on specific relationships with its clients, but stated that it is largely focused on enforcing international sanctions.” A person close to the situation confirmed to the Financial Times that the bank had already closed Pisco UK's account.
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