Free Republic

“Trojan Horse” inside Bahrain, facilitating more than USD 7 billion of Iranian businessAccording to Bahrain’s defence, a lookback into the bank’s historic business shows that it was used by Iran as a “Trojan horse” inside Bahrain, affording Iran “secret access” to the international monetary system in defiance of U.S. and other international sanctions intended to isolate Tehran.Specifically, the bank is alleged to have avoided sanctions against Iran, to the tune of at least USD 7 billion, by deliberately removing or changing certain identifying information when transferring money between banks—a practice known as “wire-stripping.” Bahrain asserts that the auditors detected more...