Latest news with #ForeignSovereignImmunitiesActof1976
Yahoo
07-05-2025
- Business
- Yahoo
Turkish bank tells US Supreme Court it should be immune from Iran sanctions charges
By Jonathan Stempel (Reuters) - Turkey's state-controlled Halkbank asked the U.S. Supreme Court to throw out a lower court ruling saying it could be prosecuted on criminal charges it helped Iran evade American sanctions. In a petition posted this week on the Supreme Court's website, Halkbank said it was entitled to "absolute immunity" under the common law because the sovereign immunity that countries have extends to their instrumentalities. Halkbank pleaded not guilty to fraud, money laundering and conspiracy charges over its alleged use of money servicers and front companies in Iran, Turkey and the United Arab Emirates to evade sanctions. Prosecutors said Halkbank helped Iran secretly transfer $20 billion of restricted funds, and helped launder money through the U.S. financial system. In October, the federal appeals court in Manhattan decided that Halkbank could be prosecuted. "The decision below thus authorizes the first criminal trial of a foreign sovereign instrumentality in world history," Halkbank said in its Supreme Court petition. Halkbank also said the decision exposed U.S. agencies such as the Navy, CIA and Export-Import Bank to possible criminal prosecution outside the country, and it was "only a matter of time" before other sovereigns targeted their diplomatic adversaries. The case began in 2019, and is making its second trip to the Supreme Court. In 2023, the court said Halkbank wasn't shielded from prosecution under the federal Foreign Sovereign Immunities Act of 1976, but left open whether the bank deserved immunity under the common law, based on court decisions rather than statutes. The Supreme Court may not decide until its term beginning in October whether to hear Halkbank's appeal. Halkbank said it is 91.49% owned by the Turkish Wealth Fund, which is owned by Turkey. The case has been a thorn in U.S.-Turkey relations, with Turkish President Tayyip Erdogan calling it an "unlawful, ugly" step. The case is Turkiye Halk Bankasi AS v. United States, U.S. Supreme Court, No. 24-1144. (Reporting by Jonathan Stempel in New York; editing by Diane Craft)
Straits Times
07-05-2025
- Business
- Straits Times
Turkish bank tells US Supreme Court it should be immune from Iran sanctions charges
Turkish bank tells US Supreme Court it should be immune from Iran sanctions charges Turkey's state-controlled Halkbank asked the U.S. Supreme Court to throw out a lower court ruling saying it could be prosecuted on criminal charges it helped Iran evade American sanctions. In a petition posted this week on the Supreme Court's website, Halkbank said it was entitled to "absolute immunity" under the common law because the sovereign immunity that countries have extends to their instrumentalities. Halkbank pleaded not guilty to fraud, money laundering and conspiracy charges over its alleged use of money servicers and front companies in Iran, Turkey and the United Arab Emirates to evade sanctions. Prosecutors said Halkbank helped Iran secretly transfer $20 billion of restricted funds, and helped launder money through the U.S. financial system. In October, the federal appeals court in Manhattan decided that Halkbank could be prosecuted. "The decision below thus authorizes the first criminal trial of a foreign sovereign instrumentality in world history," Halkbank said in its Supreme Court petition. Halkbank also said the decision exposed U.S. agencies such as the Navy, CIA and Export-Import Bank to possible criminal prosecution outside the country, and it was "only a matter of time" before other sovereigns targeted their diplomatic adversaries. The case began in 2019, and is making its second trip to the Supreme Court. In 2023, the court said Halkbank wasn't shielded from prosecution under the federal Foreign Sovereign Immunities Act of 1976, but left open whether the bank deserved immunity under the common law, based on court decisions rather than statutes. The Supreme Court may not decide until its term beginning in October whether to hear Halkbank's appeal. Halkbank said it is 91.49% owned by the Turkish Wealth Fund, which is owned by Turkey. The case has been a thorn in U.S.-Turkey relations, with Turkish President Tayyip Erdogan calling it an "unlawful, ugly" step. The case is Turkiye Halk Bankasi AS v. United States, U.S. Supreme Court, No. 24-1144. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Sun
06-05-2025
- Business
- The Sun
Turkish bank appeals Iran sanctions decision to US Supreme Court
NEW YORK: Turkey's Halkbank asked the U.S. Supreme Court to review a lower court ruling saying it can be prosecuted for allegedly helping Iran evade American sanctions, a U.S.-based lawyer for the bank said on Monday. The Supreme Court had given Halkbank until Monday to file a petition appealing the October 22, 2024, decision by the 2nd U.S. Circuit Court of Appeals in Manhattan allowing the prosecution. In a letter to the appeals court, Halkbank's lawyer Robert Cary said the bank has filed the petition. The petition was not available on the Supreme Court's website. Cary did not immediately respond to a request for comment. Halkbank pleaded not guilty to fraud, money laundering and conspiracy charges over its alleged use of money servicers and front companies in Iran, Turkey and the United Arab Emirates to evade sanctions. U.S. prosecutors said Halkbank helped Iran secretly transfer $20 billion of restricted funds, converted oil revenue into gold and cash to benefit Iranian interests, and documented fake food shipments to justify transfers of oil proceeds. Brought in 2019, the case has been a thorn in U.S.-Turkey relations, with Turkish President Tayyip Erdogan calling it an 'unlawful, ugly' step. The countries' ties have soured in the last decade, amid disagreements on Syria, Ankara's ties with Moscow and other matters. But on Monday, Erdogan and U.S. President Donald Trump each said they had a very productive phone call earlier in the day, and had invited each other to their respective countries. Halkbank's case is making a second trip to the Supreme Court. In 2023, that court said Congress' desire to shield foreign countries and their instrumentalities from civil liability under the federal Foreign Sovereign Immunities Act of 1976 did not cover criminal cases. But in a 7-2 decision, it said the 2nd Circuit should more fully review whether common law immunity shielded Halkbank, leading to last October's ruling.
The Sun
06-05-2025
- Business
- The Sun
Halkbank seeks U.S. Supreme Court review over sanctions case
NEW YORK: Turkey's Halkbank asked the U.S. Supreme Court to review a lower court ruling saying it can be prosecuted for allegedly helping Iran evade American sanctions, a U.S.-based lawyer for the bank said on Monday. The Supreme Court had given Halkbank until Monday to file a petition appealing the October 22, 2024, decision by the 2nd U.S. Circuit Court of Appeals in Manhattan allowing the prosecution. In a letter to the appeals court, Halkbank's lawyer Robert Cary said the bank has filed the petition. The petition was not available on the Supreme Court's website. Cary did not immediately respond to a request for comment. Halkbank pleaded not guilty to fraud, money laundering and conspiracy charges over its alleged use of money servicers and front companies in Iran, Turkey and the United Arab Emirates to evade sanctions. U.S. prosecutors said Halkbank helped Iran secretly transfer $20 billion of restricted funds, converted oil revenue into gold and cash to benefit Iranian interests, and documented fake food shipments to justify transfers of oil proceeds. Brought in 2019, the case has been a thorn in U.S.-Turkey relations, with Turkish President Tayyip Erdogan calling it an 'unlawful, ugly' step. The countries' ties have soured in the last decade, amid disagreements on Syria, Ankara's ties with Moscow and other matters. But on Monday, Erdogan and U.S. President Donald Trump each said they had a very productive phone call earlier in the day, and had invited each other to their respective countries. Halkbank's case is making a second trip to the Supreme Court. In 2023, that court said Congress' desire to shield foreign countries and their instrumentalities from civil liability under the federal Foreign Sovereign Immunities Act of 1976 did not cover criminal cases. But in a 7-2 decision, it said the 2nd Circuit should more fully review whether common law immunity shielded Halkbank, leading to last October's ruling.
Yahoo
05-05-2025
- Business
- Yahoo
Turkish bank appeals Iran sanctions decision to US Supreme Court
By Jonathan Stempel NEW YORK (Reuters) - Turkey's Halkbank asked the U.S. Supreme Court to review a lower court ruling saying it can be prosecuted for allegedly helping Iran evade American sanctions, a U.S.-based lawyer for the bank said on Monday. The Supreme Court had given Halkbank until Monday to file a petition appealing the October 22, 2024, decision by the 2nd U.S. Circuit Court of Appeals in Manhattan allowing the prosecution. In a letter to the appeals court, Halkbank's lawyer Robert Cary said the bank has filed the petition. The petition was not available on the Supreme Court's website. Cary did not immediately respond to a request for comment. Halkbank pleaded not guilty to fraud, money laundering and conspiracy charges over its alleged use of money servicers and front companies in Iran, Turkey and the United Arab Emirates to evade sanctions. U.S. prosecutors said Halkbank helped Iran secretly transfer $20 billion of restricted funds, converted oil revenue into gold and cash to benefit Iranian interests, and documented fake food shipments to justify transfers of oil proceeds. Brought in 2019, the case has been a thorn in U.S.-Turkey relations, with Turkish President Tayyip Erdogan calling it an "unlawful, ugly" step. The countries' ties have soured in the last decade, amid disagreements on Syria, Ankara's ties with Moscow and other matters. But on Monday, Erdogan and U.S. President Donald Trump each said they had a very productive phone call earlier in the day, and had invited each other to their respective countries. Halkbank's case is making a second trip to the Supreme Court. In 2023, that court said Congress' desire to shield foreign countries and their instrumentalities from civil liability under the federal Foreign Sovereign Immunities Act of 1976 did not cover criminal cases. But in a 7-2 decision, it said the 2nd Circuit should more fully review whether common law immunity shielded Halkbank, leading to last October's ruling.
