The United States has imposed sanctions on over 35 individuals and entities linked to a network accused of laundering money for the Iranian regime. According to a statement from Tammy Bruce, Department Spokesperson, this network is said to have funneled billions of dollars through Iranian exchange houses and foreign front companies. The funds allegedly support Tehran's activities that threaten international peace and security while benefiting regime elites.
Among those targeted are the Zarringhalam brothers and their associates. They reportedly operate multiple front companies based in the UAE and Hong Kong, facilitating revenue generation from petroleum sales and other commodities under U.S. sanctions.
This marks the first action against Iran’s shadow banking network since the issuance of a National Security Presidential Memorandum on February 4.
Simultaneously, the Financial Crimes Enforcement Network (FinCEN) within the Department of the Treasury has updated an Advisory aimed at helping financial institutions identify suspicious activities related to Iranian illicit finance. The Advisory outlines forms of illegal finance practices and highlights red flags associated with oil smuggling, shadow banking, and weapons procurement by Iran.
"The United States will continue to deny Iran access to financial networks and the global banking system as long as Iran continues its destabilizing activities," Bruce stated. "We will promote accountability for those who seek to undermine international peace and security."
The sanctions were enacted by OFAC under Executive Order 13902, targeting Iran's financial sectors including petroleum and petrochemical industries. This action aligns with National Security Presidential Memorandum 2, part of a broader campaign exerting maximum pressure on Iran.
Further details can be found in Treasury’s press releases.