OFAC sanctions nearly 50 entities for ‘shadow banking’ benefiting Iranian military
By 
Aaron Nicodemus2024-06-26T14:37:00
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.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefMinnesota transport company hit with sanctions violations for Cuba, Iran trade
A Minnesota transportation company agreed to pay nearly $258,000 to settle allegations that a subsidiaries violated sanctions against Cuba and Iran more than 80 times, the U.S. Treasury Department’s Office of Foreign Assets Control said.
-
News BriefMetLife subsidiary fined $178K by OFAC for issuing premiums to Iran-controlled entities
A subsidiary of MetLife will pay more than $178,000 for violating U.S. sanctions on Iran when it provided insurance policies to entities in the United Arab Emirates owned or controlled by Iran.
-
News BriefFinCEN, OFAC sanction crypto platforms linked to Russia, cybercrime
U.S. and European law enforcement agencies have announced sanctions against two Russia-linked cryptocurrency platforms in their ongoing chase to snuff out Russian-linked financial platforms that assist cybercriminals.
More from Sanctions
-
ArticleU.K. and EU commit to extending Russian sanctions and strengthening enforcement
As the U.S. relaxes some Russian sanctions to ease oil flows, the U.K. government has published a new Strategic Approach to Sanctions Enforcement, indicating that it does not intend to relax its focus on prosecuting sanctions breaches.
-
News BriefOFAC temporarily lifts sanctions on certain Russian oil shipments
The U.S. Treasury Department issued a new Russia-related general license allowing certain transactions tied to Russian oil shipments already en route to India. This move comes after oil prices spiked as the U.S war on Iran continues.
-
ArticleSanctions enforcement set to increase, but gaps and inconsistency create compliance risks
Geopolitical volatility is causing rapidly changing sanctions regimes, but diverging rules in different jurisdictions create enforcement gaps that are exploited by sanctioned individuals and entities – and the routes used to evade sanctions are constantly developing.