The 2nd U.S. Circuit Court of Appeals affirmed that Turkey’s Halkbank does not have immunity from U.S. criminal charges for allegedly helping Iran evade sanctions, establishing important legal precedent regarding state-owned corporate accountability in U.S. law.
On Tuesday, the 2nd U.S. Circuit Court of Appeals in Manhattan dismissed a request by Turkey’s state-owned Halkbank to be granted immunity from U.S. criminal prosecution regarding allegations of assisting Iran in bypassing American sanctions. The court determined that no common law foundation exists that would permit a foreign state-owned corporation to be exempt from U.S. legal actions concerning alleged criminal offenses linked to its commercial activities.
Halkbank, a Turkish bank, has been embroiled in legal disputes over its purported role in facilitating Iranian transactions to avoid U.S. sanctions. The issue has raised substantial diplomatic tensions between Turkey and the United States. As the U.S. seeks to enforce its sanctions regime more assertively, the court’s ruling is significant as it establishes a precedent regarding the accountability of foreign state-owned enterprises in the U.S. legal system.
The rejection of Halkbank’s claim for immunity signals the U.S. judiciary’s firm stance on upholding its laws against foreign entities involved in sanction evasion. This ruling emphasizes that neither foreign governments nor their state-owned corporations can operate above U.S. law, particularly concerning national security matters.
Original Source: www.jpost.com
