Bank of America

Banking, Financial Services

Over the last three presidential administrations, the United States government has granted Bank of America 19 special licenses to do business in Iran. (New York Times, "Companies with Permission to Bypass Sanctions," 12/24/10)


"OFAC redacted so much of this license file that it is impossible to tell what exactly it authorized, though what is clear is that it was related to another license, granted to BNP Paribas, involving the acquisition of equipment that was of Iranian origin. Bank of America, which was financing the deal, contended that the sale should be licensed because the goods had already been exported to another country." (New York Times, "Licenses Granted to U.S. Companies Run the Gamut," 12/24/10)