The sanctions target ’50 entities and individuals’ of the network used ‘to gain illicit access to the international financial system and process the equivalent of billions of dollars since 2020’
i24NEWS
The United States on Tuesday imposed sanctions on nearly 50 entities and individuals accused of moving billions of dollars for Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) and Islamic Revolutionary Guard Corps (IRGC), the U.S. Department of Treasure said on Tuesday.
According to the statement, the targeted people and entities constitute a “shadow banking network” used by those institutions “to gain illicit access to the international financial system and process the equivalent of billions of dollars since 2020.”
“The United States is taking action against a vast shadow banking system used by Iran’s military to launder billions of dollars of oil proceeds and other illicit revenue,” said Deputy Treasury Secretary Wally Adeyemo in the statement.
The targeted enterpises are located not only in Iran, but also in Hong Kong, the United Arab Emirates, Marshall Islands and Turkey. The decision by the Treasury freezes any of their U.S. assets and generally bars U.S. citizens and American companies from dealing with them.