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Treasury
Designates Bank Melli Front Company in
New York City
Treasury
statement:
http://www.treas.gov/press/releases/hp1330.htm
December 17, 2008
HP-1330
Washington
,
DC
--The
U.S. Department of the Treasury today designated ASSA CORP., a front
company created and controlled by
Iran
's Bank Melli and domiciled in
New York
, and its parent organization, ASSA CO. LTD, located in the
Channel Islands
.
"This scheme to use a front company set up by Bank Melli --
a known proliferator -- to funnel money from the United States to Iran
is yet another example of Iran's duplicity," said Under Secretary
for Terrorism and Financial Intelligence Stuart Levey. "The
dangerous mix of proliferation and deception has led the
United States
, the European Union and
Australia
to designate Bank Melli, and the United Nations to issue a call for
vigilance with respect to all Iranian banks."
These entities were designated under Executive Order 13382 for
being controlled by, and for acting for or on behalf of,
Iran
's Bank Melli, and for having provided financial support for, or
services in support of, Bank Melli. Bank Melli was previously
designated under E.O. 13382 on October 25, 2007. E.O. 13382 is
aimed at freezing the assets of proliferators of weapons of mass
destruction (WMD) and their supporters.
Bank Melli provides financial services, including opening letters
of credit and maintaining accounts, for Iranian front companies and
entities engaged in proliferation activities. Further, Bank Melli has
facilitated the purchase of sensitive materials utilized by
Iran
's nuclear and missile industries, and has handled transactions for
other designated Iranian entities, including Bank Sepah, Defense
Industries Organization, and the Shahid Hammat Industrial Group.
Bank Melli has been designated as a proliferator by the
United States
and the European Union for its role in
Iran
's nuclear and ballistic missile programs. United Nations Security
Council Resolution 1803 calls on all member states to exercise vigilance
with regard to activities between financial institutions in their
countries and all Iranian banks, particularly Bank Melli.
Further, Bank Melli provides banking services to Iran's military
vanguard, the Iranian Revolutionary Guards Corps (IRGC) and the Qods
Force, which is a branch of the IRGC that has been designated under
Executive Order 13224 for providing support to terrorist groups,
including the Taliban, Hizballah, Hamas, Palestinian Islamic Jihad, and
the Popular Front for the Liberation of Palestine – General Command.
Bank Melli created ASSA CORP. as a vehicle to hold Bank
Melli's interest in a building located at
650 Fifth Avenue
,
New York
,
New York
, whose construction had been financed, in part, by a Bank Melli loan.
ASSA CORP. co-owns the building through a partnership formed with the
Alavi Foundation of
New York
, called
650 Fifth Avenue
Company.
ASSA CORP. has repeatedly transferred rental income generated
from the
650 Fifth Avenue
partnership back to Bank Melli through ASSA CO. LTD. ASSA
CORP. also has regularly followed Bank Melli's instructions with regard
to ASSA CORP.'s affairs and its management of the investment, and has
regularly reported back to Bank Melli on its financial situation,
including frequently responding to Bank Melli requests for audits and
information regarding company expenses.
This designation does not interfere with the business and other
activities of the tenants of
650 Fifth Avenue
, and
U.S.
persons are not prohibited from dealing with business establishments or
other tenants of the building.
The preparation and execution of this designation required
careful coordination with various components of the
U.S.
Department of Justice, the Federal Bureau of Investigation, the
Internal Revenue Service, the New York Police Department, and the New
York County District Attorney's Office.
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