Are Venezuelan Banks aiding Iran's nuclear aspirations?

A new investigation has uncovered information showing that Iran is using Venezuelan banks as a means of evading obligatory international sanctions and obtaining materials needed for their nuclear program.

The information was revealed in a speech at the Brooking Institute by Robert Morganthau, of the Manhattan District Attorney's office. He claims that investigations by his office show that ties between Venezuela and Iran are strengthening as both countries share nuclear aspirations.

Morganthau pointed out that the president of Venezuela, Hugo Chavez, is interested in building a "nuclear village" with Iran's help and that this development will undercut the stability of Latin America.

There is concern that the U.S. isn't following the strengthening of ties between the two countries close enough. The U.S. has placed no economic sanctions on Venezuela and therefore does not closely follow their banking system.

"I have little faith that this is being effectively done, and the Iranians, aware of this vulnerability, appear to be taking advantage of it," Morganthau said in regards to the U.S. ensuring the legitimacy of Venezuelan bank transactions.

The U.S. State Department said in response that it is worried about the spreading of nuclear weapons; however they will respect the right of all countries to decide their own diplomatic relationships with other countries.

	Venezuela President Hugo Chavez.
	Photo by: Getty Images