US Appeals Court Rejects Halkbank’s Immunity Claim in Iran Sanctions Case
A US appeals court has denied Halkbank’s request for immunity from prosecution for allegedly aiding Iran in evading US sanctions, stating no common law provisions justify such immunity for foreign state-owned corporations.
On Tuesday, a United States Court of Appeals dismissed Turkey’s state-owned Halkbank’s appeal for immunity from criminal charges related to sanctions evasion concerning Iran. The 2nd US Circuit Court of Appeals in Manhattan concluded that there is no legal foundation in common law permitting a foreign state-owned enterprise to enjoy absolute immunity from criminal prosecution in the United States for activities related to its commercial operations.
The ruling comes amidst heightened scrutiny of foreign entities and their compliance with US sanctions, particularly those enacted against Iran. Halkbank has been embroiled in allegations of facilitating illicit financial transactions that allowed Iran to bypass American sanctions aimed at curtailing its nuclear program. Legal opinions are divided regarding the implications of this ruling for foreign government-linked institutions and the potential precedent it sets for future cases regarding international financial misconduct.
This decision signifies a pivotal moment in the relationship between US law and foreign state-owned entities operating within its jurisdiction. It underscores the judiciary’s stance that no entity is above the law, even those connected to foreign governments, solidifying the expectation of adherence to US sanctions by all commercial actors.
Original Source: www.jpost.com
