US appeals court rejects Halkbank’s immunity request. Hearings will begin after this.
A US appeals court rejected Halkbank’s request for immunity from prosecution. The bank’s request to be exempted from criminal prosecution under the ‘Foreign State Immunity Act’ in the lawsuit over allegations that it helped Iran evade US sanctions was rejected. With this development, hearings will begin in the coming days.
WHAT HAPPENED?
Prosecutors accuse Halkbank of converting oil revenues into gold and then cash to advance Iran’s interests and forging food shipment documents to legitimize the transfer of oil revenues. They also allege that Halkbank helped secretly transfer $20 billion in restricted funds to Iran and laundered at least $1 billion through the US financial system. In 2021, the 2nd Court of Appeals ruled against Halkbank and ruled that even if the FSIA law protects the bank, the act with which the bank is charged falls under the commercial activity exception.
The indictment charges Halkbank with six counts:
– Conspiracy to defraud the United States
– Conspiracy to violate the International Emergency Economic Powers Act
– Banking fraud
– Conspiracy to commit banking fraud
– Money laundering
– Conspiracy to launder money.