Defendants face up to 20 years in prison each if convicted
The US Justice Department has charged 10 Iranian nationals in absentia with conspiracy to evade US sanctions against Tehran by concealing transactions worth over $300 million, the agency’s website said Friday.
According to the U.S. Justice Department, the defendants have set up more than 70 shell companies, money transfer services firms and currency exchange offices in the U.S., Canada, the United Arab Emirates (UAE) and Hong Kong over 20 years. The Iranians provided false information to financial institutions in these countries to conceal more than $300 million worth of transactions. U.S. authorities believe the $25 million purchase of two oil tankers and other transactions were in fact for Tehran and using funds converted into U.S. dollars and transferred through banks in the United States.
The defendants, if convicted, face up to 20 years in prison each in the United States. They will have to pay around $157 million in fines for money laundering.