US Supreme Court overturns decision and disallows criminal prosecution of Turkey’s Halkbank

The US Supreme Court overturned its decision which allowed the criminal prosecution of Halkbank to continue. According to a Reuters report, the US Supreme Court overturned a lower court decision that allowed Halkbank to be prosecuted in the United States. Halkbank shares rose after the decision.

The US Supreme Court backed a bid by Turkey’s state-owned credit institution Halkbank to avoid criminal charges in the US for allegedly helping Iran evade American economic sanctions.

The judges overturned a lower court ruling that had allowed the prosecution to proceed. 2 Based in Manhattan. The US Court of Appeals instructed to reconsider Halkbank’s bid to dismiss the case.

WHAT HAD HAPPENED?

Halkbank was indicted in New York in 2019 for allegedly using money service providers and shell companies in Iran, Turkey and the United Arab Emirates to evade US sanctions, and pleaded not guilty to charges of bank fraud, money laundering and conspiracy.