UniCredit pays US$1.3 billion over US sanctions evasion

UniCredit Bank AG, based in Munich and part of the Italian group of the same name, moved hundreds of millions of dollars through the US banking system for the Islamic Republic of Iran Shipping Lines (IRISL), continuing to process transactions for almost two years after 10 September 2008, when the entity was sanctioned by the US over involvement in weapons of mass destruction proliferation, court documents reveal. [1]