US Treasury sanctions entities involved in moving money for Iran’s military
Date
6/26/2024 8:43:26 AM
(MENAFN) The US Treasury Department announced on Tuesday that it has imposed sanctions on nearly 50 entities and individuals involved in a shadow banking network used by Iran's Ministry of Defense and armed forces Logistics (MODAFL) and the Islamic Revolutionary Guard Corps (IRGC). This network has allegedly facilitated illicit access to the international financial system and processed billions of dollars since 2020.
According to the Treasury Department's Office of Foreign Assets Control (OFAC), MODAFL and the IRGC engage in various revenue-generating activities, primarily through the sale of Iranian oil and petrochemicals. They utilize networks of Iranian exchange houses and numerous foreign cover companies to disguise the revenue obtained abroad. This revenue allegedly funds a range of activities, including the procurement of advanced weapons systems like unmanned aerial vehicles (UAVs).
The statement from the Treasury further noted that the revenue generated also supports the provision of weapons and funding to Iran's regional proxy groups, including Yemen's Houthis. These groups have been implicated in attacks on global shipping routes. Additionally, Iran has allegedly transferred UAVs to Russia for use in its conflict with Ukraine.
Deputy Secretary Wally Adeyemo emphasized that the United States is taking action against a vast shadow banking system used by Iran's military to launder billions of dollars in oil proceeds and other illicit revenues. Since President Joe Biden took office, the US has sanctioned hundreds of targets involved in Iran's illicit oil and petrochemical-related activities.
Adeyemo also underscored the US commitment to disrupting financing for Iran's destabilizing activities and reiterated cooperation with allies, partners, and the global financial industry to enhance vigilance against funds supporting terrorism.
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