BankMelli, which is owned by the Iranian government, was previously designated as a proliferator by the U.S. and European Union for its role in Iran's nuclear and ballistic missile programs.
Most troubling, perhaps, is the appearance of BankMelli of Iran at the top of a listing of the world's top 500 Islamic financial institutions, published by the Banker in November 2008 and reproduced in the IFSC report.