2012-2013 Letters From OFAC to Halkbank in re: Secondary Sanctions (March 14, 2013)

Date issued: Mar. 14 2013

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TURBOFAC Commentary (347 words)

Notes:

1) BACKGROUND

This letter (see p. 92, native PDF) was issued at a time when the U.S. was in the midst of a significant expansion of its secondary sanctions authorities vis-à-vis Iran, and in connection with a bank that was suspected by OFAC of sanctions evasion. Halkbank ended up being criminally prosecuted for sanctions violations, some of which took place during the period at issue here. (See U.S. v. Turkiye Halk Bankasi A.S.)). The Halkbank case is the first (and as of this writing only) criminal prosecution against a significant non-U.S. person bank for sanctions violations that was not settled pursuant to a deferred or non-prosecution agreement. The criminal case is ongoing as of the date of the last update of this page (12-8-2021). See docket at https://www.courtlistener.com/docket/16341671/united-states-v-zarrab/. In addition to the bank itself, the individuals addressed in these...