The IRANIAN REVOLUTIONARY GUARD CORPS (IRGC) moved millions in illicit Iranian oil profits, violating international sanctions, through a shadow banking network that included BONI, the BANK OF NEW INNOVATION LTD. f/k/a BANK OF NEVIS INTERNATIONAL, according to an article in the FINANCIAL TIMES specifically naming BONI as part of the illegal financial pipeline. See "Sanctioned Iranian Banker amassed €400mn European property empire" (January 26, 2026.) See also FIN-2026-Alert002, issued on May 11, 2026, which specifically focused on the IRGC's sanctions evasion and shadow banking activities.
While BONI's involvement with Iranian oil payments has been public knowledge for some time, and questions have been raised about the extent of the involvement of the bank's founder and former CEO, and present "Strategic Advisor," MICHAEL J. PREST, we are at a total loss to understand why the U.S. DEPARTMENT OF JUSTICE (DOJ) has not taken any action against BONI, due to its repeated financial transfers for Iran. In truth and fact, the DOJ has pointedly ignored this specific offshore bank for the past several years. We trust that this article will enable it to focus on this major national security threat posed by Iran.
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