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Monday, July 16, 2018

Kont Investment Bank facing international sanctions

Kont Investment Bank is facing international sanctions as well as restrictions imposed on its activities by the National Bank of Tajikistan.

The U.S. Treasury Department first imposed sanctions at the beginning of the year on Iranian businessman Babak Zanjani, who controls Kont Investment Bank as well as a network of other companies. The U.S. accused Zanjani of attempting to evade international sanctions on Iran's nuclear program through money laundering.

The Tajik central bank then imposed restrictions that prevent Kont Investment bank from opening branches in Tajikistan and participating in the signing of agreements with customers of credit organizations.

Babak Zanjani's Tajik empire includes a bank, an airline, a taxi service and a bus terminal that President Emomali Rahmon helped inaugurate in March.

In December, the European Union sanctioned Zanjani for being a key facilitator for Iranian oil deals an transferring oil-related money.