By using aliases, LIMMT fooled U.S. banks into processing dozens of illegal transactions, Morgenthau said. "Our banks have high standards and sophisticated systems to stop these transactions, but this conduct was specifically designed to defeat their systems," he said.Some of the U.S. banks involved were Bank of New York Mellon Corp., Bank of America Corp. and JPMorgan Chase & Co., Morgenthau said.
The U.S. Department of the Treasury's Office of Foreign Assets Control sanctioned LIMMT in 2006 for its role in the proliferation of weapons of mass destruction to Iran, Morgenthau said.
Chinese Firm Indicted for Misusing Banks, Aiding Iran [Bloomberg]
Posted by guest , Apr 07, 2009 2:21PM
"you geev us moh-nee, we geev you more moh-nee"
Posted by Anal_yst , Apr 07, 2009 2:23PM
Systems are only as good as the guys who developed them, the people who monitor them, etc.
Posted by PatrickBateman , Apr 07, 2009 2:45PM
No surprise BNY was involved. The whole place is full of gerbils on wheels.
Posted by guest , Apr 07, 2009 2:57PM
Chase still has $100 Million (ca. '79) of the Shah's money frozen
consider it payback
Posted by Anal_yst , Apr 07, 2009 3:23PM
@3
And Ops anywhere else is much better?