In a shocking revelation, documents obtained by the Financial Times (FT) have exposed how Iran illicitly utilised Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services. <o:p></o:p>

As per the FT report, the state-controlled Petrochemical Commercial Company (PCC) and its British subsidiary, PCC UK, have been under US sanctions since November 2018, accused of raising funds for the Iranian Revolutionary Guards Quds Force and collaborating with Russian intelligence agencies.<o:p></o:p>

Both banks allegedly provided accounts to British front companies secretly owned by PCC. <o:p></o:p>

Elaborate network and complicated web of front entities<o:p></o:p>

Despite being under US sanctions, PCC's UK division continued to operate from an office in Grosvenor Gardens, Belgravia, using a complex network of front entities in the UK and other countries. <o:p></o:p>

The Royal Air Force recently joined US airstrikes against Iranian-backed Houthi rebels in Yemen, further escalating tensions. <o:p></o:p>

The UK and US have recently imposed sanctions on what they call a "transnational assassinations network" overseen by Iranian intelligence. <o:p></o:p>

PCC has been accused of using UK companies to receive funds from Iranian front entities in China, concealing their ownership through trustee agreements and nominee directors.<o:p></o:p>

UK banks linked to Iranian front companies<o:p></o:p>

One of the implicated companies, Pisco UK, registered to a house in Surrey, allegedly received a transfer from a Chinese company named Black Tulip through a Santander account. <o:p></o:p>

Internal documents reveal Pisco UK's full control by PCC, contradicting its official ownership records.<o:p></o:p>

Another front company, Aria Associates, with an account in Lloyds, is officially owned by Mohamed Ali Rejal, the deputy chief executive of PCC UK. <o:p></o:p>

Emails show Rejal's involvement in directing funds and concealing PCC's association with the transactions.<o:p></o:p>

Banks respond and politicians react<o:p></o:p>

Santander stated it was unable to comment on specific client relationships but emphasised its focus on sanctions compliance, indicating that the bank had closed Pisco's account. <o:p></o:p>

Lloyds Banking Group also refrained from commenting on individual customers but claimed compliance with sanctions laws. <o:p></o:p>

Politicians, including Alicia Kearns and Liam Byrne, expressed concerns about the UK's failure to curb such activities on its soil, calling for stronger actions against IRGC-connected entities. <o:p></o:p>

David Asher, a former US state department official, criticised UK banks for continuing business with IRGC-connected entities, deeming it inconsistent with the stated policy towards the Iranian regime. <o:p></o:p>

Continued operations and international connections<o:p></o:p>

As PCC continued operations in the UK, it entered contracts for equipment procurement with a Turkish company, ASB, later sanctioned by the US for collaborating with senior IRGC officials. <o:p></o:p>

Audit reports for PCC UK from 2021 indicate significant trading balances with PCC in Iran, allowing it to persist despite western banks being blocked from conducting business with the company. <o:p></o:p>

PCC UK's Belgravia office is also revealed to be the registered address for NIOC International Affairs (London) Ltd, a division of Iran's US-sanctioned national oil company, implicated in financing IRGC and Iranian military activities.<o:p></o:p>

In a shocking revelation, documents obtained by the Financial Times (FT) have exposed how Iran illicitly utilised Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services.

In a shocking revelation, documents obtained by the Financial Times (FT) have exposed how Iran illicitly utilised Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services. As per the FT report, the state-controlled Petrochemical Commercial Company (PCC) and its British subsidiary, PCC UK, have been under US sanctions since November 2018, accused of raising funds for the Iranian Revolutionary Guards Quds Force and collaborating with Russian intelligence agencies. Both banks allegedly provided accounts to British front companies secretly owned by PCC. Elaborate network and complicated web of front entities Despite being under US sanctions, PCC's UK division continued to operate from an office in Grosvenor Gardens, Belgravia, using a complex network of front entities in the UK and other countries. The Royal Air Force recently joined US airstrikes against Iranian-backed Houthi rebels in Yemen, further escalating tensions. The UK and US have recently imposed sanctions on what they call a "transnational assassinations network" overseen by Iranian intelligence. PCC has been accused of using UK companies to receive funds from Iranian front entities in China, concealing their ownership through trustee agreements and nominee directors. UK banks linked to Iranian front companies One of the implicated companies, Pisco UK, registered to a house in Surrey, allegedly received a transfer from a Chinese company named Black Tulip through a Santander account. Internal documents reveal Pisco UK's full control by PCC, contradicting its official ownership records. Another front company, Aria Associates, with an account in Lloyds, is officially owned by Mohamed Ali Rejal, the deputy chief executive of PCC UK. Emails show Rejal's involvement in directing funds and concealing PCC's association with the transactions. Banks respond and politicians react Santander stated it was unable to comment on specific client relationships but emphasised its focus on sanctions compliance, indicating that the bank had closed Pisco's account. Lloyds Banking Group also refrained from commenting on individual customers but claimed compliance with sanctions laws. Politicians, including Alicia Kearns and Liam Byrne, expressed concerns about the UK's failure to curb such activities on its soil, calling for stronger actions against IRGC-connected entities. David Asher, a former US state department official, criticised UK banks for continuing business with IRGC-connected entities, deeming it inconsistent with the stated policy towards the Iranian regime. Continued operations and international connections As PCC continued operations in the UK, it entered contracts for equipment procurement with a Turkish company, ASB, later sanctioned by the US for collaborating with senior IRGC officials. Audit reports for PCC UK from 2021 indicate significant trading balances with PCC in Iran, allowing it to persist despite western banks being blocked from conducting business with the company. PCC UK's Belgravia office is also revealed to be the registered address for NIOC International Affairs (London) Ltd, a division of Iran's US-sanctioned national oil company, implicated in financing IRGC and Iranian military activities.

Iran's Covert Cash Trail: Lloyds and Santander implicated in global sanctions-evasion scandal

British business confidence recorded its biggest monthly improvement in more than four years this month, reflecting optimism that COVID-19 vaccines will lead to economic recovery in 2021, a Lloyds Bank survey showed on Monday.

UK business morale jumps by most in over 4 years - Lloyds

Lloyds Banking Group plans to axe about 640 jobs, sources close to the matter said on Wednesday, as Britain&#39;s largest mortgage lender continues to scale back its branch network and workforce. 
 
All affected employees working in information technology and back-office roles and are being told of the decision on Wednesday, the sources said on condition of anonymity because they are not authorised to discuss the plans. 
 
Lloyds, who rescued in a 20.5 billion Pound ($27.4 billion) taxpayer bailout during the financial crisis, is in the midst of major restructuring as part of an aggressive cost-cutting programme. 
 
&quot;The continuation of the bank&#39;s major job loss programme will bring disappointment as staff feel they have already faced two years of endless workforce cuts,&quot; said Rob MacGregor, national officer at the Unite union. 
 
A statement from Lloyds said there will be a net reduction of 525 jobs where newly created roles are included. The bank also said it is closing 23 branches by October because customers increasingly bank online and more functions are automated. 
 
The bank, more than two thirds of the way through three-year plan to cut about a tenth of its workforce, could now consider deeper cuts than originally targetted because of the programme&#39;s swift progress, two separate sources said. 
 
The latest cuts coincide with the biggest upheaval for British banks since the financial crisis. 
 
British voters&#39; surprise decision, last week, to leave the European Union is forcing bank executives to reconsider business models amid uncertainty and earnings downgrades that prompted rattled investors to offload billions of pounds of shares. 
 
Sources close to Britain&#39;s government say it has put on hold plans to sell stakes in Lloyds because market volatility has made it too difficult to judge whether disposals represent value for taxpayers. 
 
The employees affected by Wednesday&#39;s job cuts work in cities including London, Edinburgh, Bristol and Manchester, the sources said. 
 
So far this year, Lloyds has announced plans to cut about 3,580 positions from its 75,000-strong workforce. 
 
The Unite union has said the drawn out process job losses are taking a toll on Lloyds staff, with three quarters of its employees reporting symptoms of stress and four out of every five working unpaid overtime every week. 
 
(Reuters)

Four out of every five employees at Lloyds, who received a $27 bailout in 2009, were reportedly working unpaid overtime every week

Lloyds Banking Group plans to axe about 640 jobs, sources close to the matter said on Wednesday, as Britain's largest mortgage lender continues to scale back its branch network and workforce. All affected employees working in information technology and back-office roles and are being told of the decision on Wednesday, the sources said on condition of anonymity because they are not authorised to discuss the plans. Lloyds, who rescued in a 20.5 billion Pound ($27.4 billion) taxpayer bailout during the financial crisis, is in the midst of major restructuring as part of an aggressive cost-cutting programme. "The continuation of the bank's major job loss programme will bring disappointment as staff feel they have already faced two years of endless workforce cuts," said Rob MacGregor, national officer at the Unite union. A statement from Lloyds said there will be a net reduction of 525 jobs where newly created roles are included. The bank also said it is closing 23 branches by October because customers increasingly bank online and more functions are automated. The bank, more than two thirds of the way through three-year plan to cut about a tenth of its workforce, could now consider deeper cuts than originally targetted because of the programme's swift progress, two separate sources said. The latest cuts coincide with the biggest upheaval for British banks since the financial crisis. British voters' surprise decision, last week, to leave the European Union is forcing bank executives to reconsider business models amid uncertainty and earnings downgrades that prompted rattled investors to offload billions of pounds of shares. Sources close to Britain's government say it has put on hold plans to sell stakes in Lloyds because market volatility has made it too difficult to judge whether disposals represent value for taxpayers. The employees affected by Wednesday's job cuts work in cities including London, Edinburgh, Bristol and Manchester, the sources said. So far this year, Lloyds has announced plans to cut about 3,580 positions from its 75,000-strong workforce. The Unite union has said the drawn out process job losses are taking a toll on Lloyds staff, with three quarters of its employees reporting symptoms of stress and four out of every five working unpaid overtime every week. (Reuters)

Lloyds to axe 640 jobs in cost-cutting drive

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