The Government vowed on Tuesday to look into possible sanctions against a state-backed entity from Iran that has reportedly been using two UK banks to divert money around the world, out of premises in Belgravia.
Business minister Kevin Hollinrake told MPs that he was "disturbed" after the Financial Times reported that the Petrochemical Commercial Company (PCC), via accounts at Lloyds and Santander UK, was using a web of front companies in Britain to discreetly move hundreds of millions of dollars.
