U.S. District Judge Richard Berman finalized the dismissal after the bank agreed to strict oversight. Under the settlement, Halkbank is barred from conducting transactions that benefit Iran and must submit to an independent monitor to review its anti-money laundering and sanctions compliance. The bank admitted no criminal wrongdoing and paid no fines, maintaining the not-guilty plea it entered at the start of the case.
The prosecution originally accused the lender of facilitating a $20 billion scheme to evade U.S. sanctions against Iran, alleging the bank converted oil revenues into gold and cash while fabricating documents for food shipments. President Tayyip Erdogan had long labeled the proceedings unlawful, and the resolution follows a period of warming relations between the Turkish leader and President Donald Trump. Following the announcement, Halkbank shares saw a sharp increase on the Istanbul stock exchange. The bank has already engaged Ernst & Young to audit its internal compliance policies as part of its commitment to the court-sanctioned agreement.
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