An American Citizen Charged with 'Violating Iran Sanctions'

The U.S. Department of Justice has charged one of its citizens in connection with Iran sanctions, accusing him of violating these sanctions and money laundering. According to Reuters, 77-year-old Kent Zhang from Alaska is accused, along with another American and three Iranians, of attempting to illegally transfer approximately one billion dollars of Iranian assets out of South Korean banks. The identities of four other individuals involved have not been disclosed, and Kent Zhang is recognized as the sole defendant in the case. The U.S. Department of Justice stated that Kent Zhang received between 10 to 17 million dollars from his Iranian partners for his work. It is reported that he transferred 10 million dollars from South Korea to Anchorage, Alaska, where he used one of his accomplices to purchase property, vehicles, and a yacht. Zhang is also accused of 43 counts of money laundering, one of which relates to his 10 million dollar receipt. If these charges are proven, he could face 10 years in prison and a maximum fine of 250,000 dollars. The indictment states that he and his partners used fake companies to circumvent Iran sanctions from 2011 to 2014, allowing them to transfer the equivalent of one billion dollars of Iranian assets from South Korean banks. According to the U.S. Department of Justice, this money was converted into currencies such as the U.S. dollar and euro and then transferred to over 10 countries worldwide, including the United Arab Emirates, Switzerland, Germany, Austria, and Italy. The U.S. Department of Justice and the South Korean government have not disclosed the amount of money that these individuals managed to transfer out of South Korea. Several Western banks and various individuals have been fined for violating U.S. sanctions against Iran. One of the most significant cases involved BNP Paribas, which ultimately agreed to pay a 9 billion dollar fine to the U.S. Last year, Deutsche Bank was also fined 200 million dollars for similar charges.