OFAC sanctions nearly 50 entities for ‘shadow banking’ benefiting Iranian military


The Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.

The entities sanctioned by OFAC include the Sadaf Exchange in Iran and Golden Stars currency exchange company in Türkiye, both owned by Seyyed Mohammad Mosanna’i Najibi, an Iranian-Turkish money-changer also placed on the sanctions list, OFAC said Tuesday in a press release.

Najibi’s companies used 27 “cover companies” based in Hong Kong, the United Arab Emirates, and the Marshall Islands to conduct shadow banking activity on behalf of Iran’s military, OFAC said. OFAC has sanctioned all of the companies as well.

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