April 2 2018
Investigators have uncovered evidence of a multibillion-dollar corruption scheme by a Persian Gulf bank that secretly helped Iran evade sanctions for more than a decade, according to documents filed in a legal dispute. Records from a Bahraini government audit reveal that the now-closed Future Bank — a joint venture partly owned by two of Iran’s largest lenders — routinely altered financial documents to mask illicit trade between Iran and dozens of foreign partners, the documents show.
The bank allegedly concealed least $7 billion worth of transactions between 2004 and 2015, a time when many Iranian banks were barred by sanctions from accessing international financial markets, the records show. Auditors also discovered hundreds of bank accounts tied to individuals convicted of crimes including money laundering and terrorism financing, as well as phantom loans provided to companies that operate as fronts for Iran’s Islamic Revolutionary Guard Corps, according to confidential court filings obtained by The Washington Post.