The US Treasury on Tuesday imposed new sanctions on a network of banks, companies and individuals spanning across Iran, Turkey and the United Arab Emirates (UAE) for illegally transferring billions of dollars and euros in cash to Iran’s Revolutionary Guard.
Washington has increased pressure on Iranian actors and supporters in a bid to stem what it describes as the world’s premier state sponsor of terrorism.
What we know so far:
-Twenty-five businesses and individuals were targeted.
-The entities were “front companies” for Revolutionary Guard-linked banks and foreign currency exchanges.
-The network had moved more than $1 billion (€890 million) for the Iranian regime.
-The Revolutionary Guard, Defense Ministry and the Armed Forces logistics brand benefited from the transactions.
The US Treasury tweeted that it had disrupted a “large scale front company network,” with a graphic showing how the sanctioned entities operated.
— Treasury Department (@USTreasury) March 26, 2019
US Treasury Secretary Steven Mnuchin said: “We are targeting a vast network of front companies and individuals located in Iran, Turkey and the UAE to disrupt a scheme the Iranian regime has used to illicitly move more than a billion dollars in funds.”
Sigal Mandelker, who serves as US Treasury undersecretary for terrorism and financial intelligence, said: “This vast network is just the latest example of the Iranian regime’s use of deceptive practices to exploit the global financial system and divert resources to sanctioned entities.”
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