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OFAC Designates Malaysian Bank for Iran Ties
printThe U.S. Treasury Department blacklisted a Labuan, Malaysia-based subsidiary of an Iranian financial institution Thursday over the bank's alleged ties to Iran's nuclear weapon's program. The department's Office of Foreign Assets Control (OFAC) designated First East Export Bank as a facilitator of weapons of mass destruction. The bank acted under the control of Iran-based Bank Mellat and its chairman, Ali Divandari, who was also blacklisted Thursday by OFAC, the agency said. The United States sanctioned Bank Mellat in October 2007, claiming the financial institution helped two Iranian energy companies move millions of dollars as part of Iran's efforts to build...
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