US Slaps Sanctions on Turkish Bank Over Alleged Ties to Iran
The US Treasury Department has imposed sanctions on Istanbul-based Golden Global Yatirim Bankasi Anonim Sirketi and its two subsidiaries, Golden Global Portfoy Yonetimi Anonim Sirketi and Golden Global Varlik Kiralama Anonim Sirketi. The move is part of Washington's campaign to cut Iran off from international finance.
The Treasury alleges that the bank provided financial access for Iran's shadow banking network and facilitated tens of millions of dollars in transactions connected to the Islamic Revolutionary Guard Corps-Qods Force.
According to the Treasury, Golden Global was used to help move Iranian oil revenues from China to Turkey, where the money could be converted into cash and gold. The bank also allegedly provided correspondent banking services to Iranian financial institutions, allowing transactions involving accounts controlled by IRGC-Qods Force and its proxies.
The Turkish bank has denied the allegations, saying it had complied with local and international banking requirements and that the individuals and entities named in the US sanctions decision were not its customers.