Venezuelan Banks Targeted for Acquisition by Iran Could Face Sanctions

By Brian Orsak and Carla Valero

Three Venezuelan banks that the Iranian government is considering buying would likely be blacklisted by the U.S. Treasury Department should a deal go forward, say analysts. Iran is considering purchasing at least one of three Venezuelan banks to circumvent international sanctions requiring many of the world's banks to freeze the funds of five of Iran's major financial institutions, according to anti-money laundering consultants and Iranian news reports cited by the BBC. Iranians seeking to elude the economic sanctions could use the banks-Banco Confederado, Banco Canarias Venezuela and Banco Hipotecario-to receive funds from the Venezuelan embassy in Tehran, according to Kenneth...