OFAC: Export Development Bank of Iran's Venezuelan Branch Designated as a Proliferator
Publicado el Oct. 22nd 2008
The U.S. Department of the Treasury today designated the Export Development Bank of Iran (EDBI) pursuant to Executive Order 13382 for providing or attempting to provide financial services to Iran's Ministry of Defense and Armed Forces Logistics (MODAFL). "In response to international sanctions and the refusal of many responsible banks to do business with Iranian banks, Iran has adopted a strategy of using less prominent institutions, such as the Export Development Bank of Iran, to handle its illicit transactions." said Under Secretary for Terrorism and Financial Intelligence Stuart Levey. "Today's action exposes EDBI's role in helping Iran violate UN sanctions so that financial institutions around the world can take appropriate steps to protect themselves." Established in 1991, the EDBI is an Iranian state-owned financial institution whose primary purpose is to serve Iran's import and export communities. In addition, the EDBI operates as the Iranian representative for the Islamic Development Bank, a multinational institution that cultivates economic and social improvements in member nations, in accordance with Islamic law. However, the EDBI provides financial services to multiple MODAFL-subordinate entities that permit these entities to advance Iran's WMD programs. Furthermore, the EDBI has facilitated the ongoing procurement activities of various front companies associated with MODAFL-subordinate entities. Since the United States and United Nations designated Bank Sepah in early 2007, the EDBI has served as one of the leading intermediaries handling Bank Sepah's financing, including WMD-related payments. In addition to handling business for Bank Sepah, the EDBI has facilitated financing for other proliferation-related entities sanctioned under U.S. and UN authorities. Also designated today are three additional entities which were determined to be owned or controlled by or acting or purporting to act for or on behalf of, directly or indirectly, the EDBI. These entities are: the EDBI Stock Brokerage Company and the EDBI Exchange Company, both located in Iran, and Banco Internacional de Desarollo, C.A., a financial institution located in Venezuela. These actions were taken pursuant to Executive Order 13382, an authority aimed at freezing the assets of proliferators of WMDs and their supporters, and at isolating them from the U.S. financial and commercial systems. Designations under E.O. 13382 are implemented by Treasury's Office of Foreign Assets Control, and they prohibit all transactions between the designees and any U.S. person, and freeze any assets the designees may have under U.S. jurisdiction. Background on Entities Previously Designated Under E.O. 13382 In October 2007, the U.S. Department of State designated MODAFL pursuant to E.O. 13382. MODAFL controls the Defense Industries Organization, an entity identified in the Annex to UNSCR 1737 and designated by the United States pursuant to E.O. 13382 on March 30, 2007. MODAFL has ultimate authority over the Aerospace Industries Organization (AIO), an umbrella group that controls Iran's ballistic missile research, development and production activities and organizations, including the Shahid Hemmat Industrial group (SHIG) and the Shahid Bakeri Industrial Group (SBIG). AIO, SHIG and SBIG were named in the Annex to E.O. 13382; SHIG and SBIG were also listed in the Annex to UNSCR 1737. MODAFL has publicly stated that one of its major products is the manufacture of the Shahab-3 ballistic missile. The Treasury Department designated Bank Sepah under E.O. 13382 in January 2007 for providing financial support and services to Iran's AIO, SHIG and SBIG. Since at least 2000, Bank Sepah has provided a variety of critical financial services to Iran's missile industry, arranging financing and processing dozens of multimillion dollar transactions for AIO and its subordinates, including SBIG and SHIG. Identifying Information EXPORT DEVELOPMENT BANK OF IRAN AKAs: EDBI Bank Toseh Saderat Iran Bank Towseeh Saderat Iran Addresses: Tose'e Tower, Corner of 15 St., Ahmad Qasir Ave., Argentine Square, Tehran, Iran No. 129, 21's Khaled Eslamboli, No. 1 Building, Tehran, Iran Export Development Building, Next to the 15 Alley, Bokharest Street, Argentina Square, Tehran, Iran C.R. No. 86936 (Iran) All branches worldwide EDBI STOCK BROKERAGE COMPANY Address: Tehran, Iran EDBI EXCHANGE COMPANY Address: Tehran, Iran BANCO INTERNACIONAL DE DESAROLLO, C.A. Address: Urb. El Rosal, Avenida Francisco de Miranda, Edificio Dozsa, Piso 8, Caracas, Venezuela, C.P. 1060 Tax Identification: RIF No. J294640109 (Venezuela) SWIFT/BIC No: IDUNVECA Note: Banco Internacional de Desarrollo, C.A. is a separate and distinct entity from Banco Interamericano de Desarrollo, known in English as the Inter-American Development Bank (IADB) and Banco Desarrollo Economico y Social De Venezuela (BANDES), an entity owned by the Government of Venezuela.