A bank controlled by the Turkish government is not immune from criminal prosecution in American courts for allegedly helping Iran defy U.S. economic sanctions, the Supreme Court ruled 7–2 on April 19.
Turkiye Halk Bankasi A.S., also known as Halkbank, is 75 percent owned by the Turkish Wealth Fund, which in turn is owned by the Republic of Turkey.
Istanbul-based Halkbank is accused of participating in a criminal conspiracy involving money laundering, bank fraud, and assisting terrorism-sponsoring Iran in evading U.S. economic sanctions.
The bank is accused of laundering about $20 billion in proceeds from the sale of Iranian oil and natural gas. Prosecutors said the bank used money servicing outfits and front companies in the United Arab Emirates, Iran, and Turkey in defiance of the sanctions regime….