US Imposes Fresh Sanctions on Iran's Shadow Banking Network
In an official statement, the department's Office of Foreign Assets Control (OFAC) designated three Iranian foreign currency exchange houses along with a network of associated front companies it said were enabling billions of dollars in illicit financial flows annually.
Treasury Secretary Scott Bessent issued a pointed warning against any party seeking to circumvent the measures: "Iran is the head of the snake for global terrorism, and under President (Donald) Trump's leadership, Treasury is moving aggressively, through Economic Fury, to sever the Iranian military's financial lifelines," Bessent said, invoking the title of Operation Epic Fury — the military campaign jointly launched by Trump and Israel on Feb. 28 against Iran, a conflict now under a ceasefire as negotiations toward a permanent settlement continue.
"We will relentlessly target the regime's ability to generate, move, and repatriate funds, and pursue anyone enabling Tehran's attempts to evade sanctions," Bessent added.
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