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Cablegate: Additional Information On Iranian-Related

VZCZCXRO8732
OO RUEHBC RUEHDE RUEHDIR RUEHKUK
DE RUEHC #7414/01 1011355
ZNR UUUUU ZZH
O 101349Z APR 08
FM SECSTATE WASHDC
TO RUCNDT/USMISSION USUN NEW YORK IMMEDIATE 1286
IRAN COLLECTIVE

UNCLAS SECTION 01 OF 02 STATE 037414

SIPDIS

SIPDIS

E.O. 12958: N/A
TAGS: KNNP IR PREL PARM
SUBJECT: ADDITIONAL INFORMATION ON IRANIAN-RELATED
ENTITIES IN FINCEN ADVISORY

REF: STATE 29398

1. (U) This is an action request. Please see paragraph 3.

------------------
SUMMARY/BACKGROUND
------------------

2. (U) On March 20, the U.S. Treasury Department's Financial
Crimes Enforcement Network (FinCEN) issued an advisory to
U.S. financial institutions on the risks to the international
financial system arising from the deficiencies of Iran's
anti-money laundering and combating terrorist financing
(AML/CFT) regime. Washington requested that Mission present
the advisory to the UNSC Iran Sanctions Committee (reftel).
The advisory also references UNSCR 1803's call on states to
exercise vigilance over transactions with Iranian banks, and
for clarification, the FinCEN advisory includes a list of all
banks that the USG considers to be Iranian financial
institutions. FinCEN based this list on the criteria in
paragraph 10 of UNSCR 1803: banks domiciled in Iran and
their branches and subsidiaries abroad. Some countries,
however, have questioned the link to Iran for those
institutions listed in the advisory that are located outside
Iran. This cable provides more detailed information
concerning the ownership structure of these institutions.

------------------------
OBJECTIVE/ACTION REQUEST
------------------------

3. (U) Washington requests that Post, as appropriate,
provide the additional information in paragraph 4 in response
to questions or when the opportunity arises. If
opportunities to use the information arise, Post should
underscore the calls for increased vigilance with respect to
Iranian financial institutions in UNSCR 1803 and to
deficiencies in Iran's AML/CTF regime in FATF statements.
Post should also emphasize the growing international
consensus on the risks of engaging in Iran-related financial
transactions.

--------------------------------------------- ------------
ADDITIONAL INFORMATION ON BANKS LISTED IN FINCEN ADVISORY
--------------------------------------------- ------------

4. (U) Most of the banks in the FinCEN advisory are easily
classified as Iranian institutions because they are domiciled
in Iran or are branches of Iranian banks. Seven of the banks,
however, are located outside of Iran and the information
provided in the FinCEN advisory, which consisted of names and
locations only, did not explain their connection to Iran.

-- Arian Bank (Kabul, Afghanistan). According to open source
information on the international banking industry, Arian Bank
is a joint venture between Iran's Bank Melli and Bank Saderat.

-- Banco Internacional de Desarrollo SA (Caracas, Venezuela).
According to open source information, Banco Internacional de
Desarrollo SA is a branch of the Export Development Bank of
Iran (EDBI).

-- Europaeisch-Iranische Handelsbank AG (Hamburg, Germany).
According to available open source information on
international businesses, the Iranian Bank of Industry &
Mines owns more than 50%, Bank Mellat owns more than 25% and
Bank Tejerat owns less than 25%. There are two branches also
located in Iran.

-- Future Bank BSC (Manama, Bahrain). According to its
corporate documents, Future Bank BSC is controlled by Iran's
Bank Melli, while Iran's Bank Saderat also holds a stake in
the bank. Collectively, banks domiciled in Iran own
approximately 66% of this bank, which qualifies this bank,
for purposes of paragraph 10 of UNSCR 1803, as a subsidiary
of banks domiciled in Iran.

-- Iran Overseas Investment Bank PLC (London, UK) now known
as Bank Saderat PLC. According to open source information,
Iran Overseas Investment Bank PLC (n.k.a. Bank Saderat PLC)
is a wholly owned subsidiary of Iran's Bank Saderat.

-- Persia International Bank PLC (London, UK). According to
the 2006/2007 Annual Report of Persia International Bank PLC,
Iran's Bank Mellat owns 60% and Iran's Bank Tejarat owns the
remaining 40%, making this bank a subsidiary of a bank
domiciled in Iran. Open source information shows that Bank

STATE 00037414 002 OF 002


Melli and other Iranian banks list the Persia International
Bank PLC as a correspondent bank, while Bank Melli
additionally lists the Persia International Bank as their
only settlement bank for U.S. dollar settlements.

-- Persia International Bank PLC (Dubai, UAE). According to
the 2006/2007 Annual Report of Persia International Bank PLC,
this bank is a branch of the London-based Persia
International Bank. It is therefore owned by Bank Mellat and
Bank Tejarat, qualifying it, for purposes of paragraph 10 of
UNSC resolution 1803, as a subsidiary of banks domiciled in
Iran.

------------------
REPORTING DEADLINE
------------------

5. (U) Mission should provide a readout only if the
information contained herein is used in response to questions
at the time the advisory is presented to the Sanctions
Committee. Please slug replies for ISN, IO, T, TREASURY, and
NEA/IR. Please include SIPDIS in all replies.

----------------
POINT OF CONTACT
----------------

6. (U) Washington point of contact for follow-up
information is Jennifer Chalmers, ISN/CPI, (202) 647-9715,
chalmersja@state.sgov.gov.

7. (U) Department thanks the Mission for its assistance.
RICE

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