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12 September 2009

Iran Banks Move to Ecuador to Avoid Sanctions

from Counterterrorism Blog by Douglas Farah

In its latest bid to avoid international banking sanctions, Iran has reached an agreement with the Central Bank of Ecuador to allow the Export Development Bank of Iran to operate in this Andean nation.

The move came even though Ecuador is fully aware that EDBI is under U.S. Treasury Department sanction for illicitly providing or attempting to provide financial services to Iran's Ministry of Defense and Armed Forces Logistics (MODAFL).

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