Treasury warns U.S. Banks of deception by Iran
The irony meter has gone into overload and approaching meltdown. Given that banks are the undisputed masters of deception and have been deliberately covering up the true extent of their exposure to credit risks for several years, surely they should be well versed at spotting deception and uncovering attempts to evade detection by now.
By JEANNINE AVERSA, AP Economics Writer
Thu Mar 20, 5:54 PM ETWASHINGTON - The Bush administration issued a fresh warning Thursday to U.S. banks that Iran is using "an array of deceptive practices" to hide its alleged involvement in nuclear proliferation and terrorist activities.
The Treasury Department's Financial Crimes Enforcement Network alleged that Iran is resorting to such alleged practices to evade detection and skirt financial sanctions.
"The government of Iran disguises its involvement in proliferation and terrorism activities through an array of deceptive practices specifically designed to evade detection," FinCen said in its warning to banks.
