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Morgenthau in an interview, including Barclays PLC of the U.K. There are nine other banks that we think were doing this, said Mr. Morgenthau's office and the Justice Department. Last week, Lloyds TSB of London agreed to pay $350 million to settle U.S. Manhattan District Attorney Robert Morgenthau said he is conducting a broad inquiry into illegal transactions by Iran. law-enforcement and intelligence officials, people involved in the matter said. “Evidence of Iran's efforts to acquire sensitive materials also is emerging from investigations by state and federal prosecutors in New York into whether a number of major Western banks illegally handled funds for Iran and deliberately hid Iranian transactions routed through the U.S….Documents detailing Iran's metals acquisition efforts are being reviewed by U.S. Case Over Iranian Transactions," 12/23/09) Treasury's Office of Foreign Assets Control announced a $217 million settlement related to Lloyds's 'intentional manipulation and deletion' of information in wire-transfer instructions that were routed through third-party banks located in the U.S." ( The Wall Street Journal, " Lloyds Settles U.S. "Lloyds Banking Group PLC on Tuesday became the latest bank to reach a settlement with American authorities over the handling of funds for countries under U.S. ( The New York Times, " Profiting from Iran, and the US," )
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They have withdrawn their investments in Iran. Prior to the bank's decision to leave Iran in 2008, Lloyds received federal grants from the Farm Service Agency." From 2000-2009, the company was the recipient of $20 million US federal funds. " Lloyds TSB agreed to pay a $350 million fine to the United States government last year after an investigation found that the company had stripped information from transactions in order to channel Sudanese and Iranian money into the American banking system in violation of United States sanctions. That enabled them to largely sidestep the conduct that has helped ensnare foreign banks." (New York Times, " Deutsche Bank’s Business With Sanctioned Nations Under Scrutiny," 8/17/12) Unlike foreign institutions, American banks were prohibited from originating or receiving such transactions from Iran. The cases typically have not involved United States banks. The cases against the five banks all included deferred prosecution agreements and required the banks - ABN Amro, Barclays, Credit Suisse, Lloyds and most recently ING - to forfeit a substantial amount of assets. "Since 2009, the Justice Department, the Treasury Department and the Manhattan district attorney’s office, working largely in concert, have brought charges against five foreign banks, contending they moved billions of dollars through their American subsidiaries on behalf of Iran, Cuba and North Korea, sponsors of terrorism and drug cartels. Lloyds asserts that these payments (related to “historic guarantees”) were credited to blocked or frozen accounts, and specifically authorized under U.K. affiliates (Lloyds Bank PLC and Bank of Scotland PLC) received or made payments involving entities owned or controlled by the Iranian Government. company) disclosed that, despite “reducing its dealings with Iran and individuals and entities associated with Iran,” two of its non-U.S. In 20 Lloyds was listed on the Texas Comptroller List of Companies Engaging in Scrutinized Business Operations in Iran. There remain a small number of historic Iran-related business activities which the Lloyds Banking Group has not yet been able to terminate for legal or contractual reasons. Treasury Department’s Office of Foreign Assets Control. Since the introduction of an enhanced financial sanctions policy, the Lloyds Banking Group (including the Bank) has been proactive in reducing its dealings with Iran and individuals and entities associated with Iran. Such payments are only made if they comply with UK regulation and legislation and/or licence from the U.S. The nature of these activities is as follows: Limited and infrequent payments made to and received from entities directly or indirectly linked to the Government of Iran. The Lloyds Bank Group’s businesses, being reported below, are conducted in compliance with applicable laws in respect of Iran and Syria sanctions and, except as noted below, the Lloyds Bank Group intends to continue these historic activities until it is able to legally terminate the contractual relationships or to maintain/manage them in accordance with prevailing sanctions obligations.