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Financial Crime Definition in Iran: A Delve into Banking Crimes Under Iranian Law

In recent years, Iran has witnessed a surge in financial and banking crimes, with numerous cases of embezzlement, forgery, and bribery being reported. The Iranian government has taken steps to address these issues by strengthening laws and regulations governing the financial sector.

The Legal Framework

According to Article 3 of the law on the intensification of punishment for embezzlers, any individual who takes advantage of their duty to benefit themselves or others with entrusted persons will be considered an embezzler and subjected to punishment as prescribed by law. This provision aims to curb corruption and ensure that those involved in financial crimes are held accountable.

Types of Financial Crime

  • Embezzlement: One of the most common types of financial crime, which can take many forms. For instance, bank employees may provide banking facilities to individuals who hold a significant percentage of the bank’s shares or possess influence within the bank without adhering to proper procedures.
  • Forgery: Using fake documents to obtain loans or withdraw funds from another person’s account. This illegal activity can result in severe legal consequences for those involved.
  • Bribery: Bank employees may accept bribes from individuals seeking to secure loans or facilities with exorbitant amounts.

Government Efforts

The Iranian government has taken steps to address these issues by strengthening laws and regulations governing the financial sector. For instance:

  • Article 2 of the law on the intensification of punishment for embezzlers states that any individual who takes advantage of their duty to benefit themselves or others with entrusted persons will be considered an embezzler and subjected to punishment as prescribed by law.
  • Banks are required to implement strict procedures for verifying the identity of account holders and ensuring that only authorized personnel have access to sensitive information.
  • Specialized courts have been established to handle financial crimes, including cases involving embezzlement, forgery, and bribery.

Conclusion

Financial crime is a significant issue in Iran’s financial sector, with numerous cases of embezzlement, forgery, and bribery being reported. The Iranian government has taken steps to address these issues by strengthening laws and regulations governing the financial sector and implementing measures to prevent financial crimes.

If you are facing legal issues related to financial and banking crimes under Iranian law, our lawyers in Iran are ready to assist you. Please feel free to share your questions with us.