The US Sanctions an Iranian-Linked Banking Network

IranGate
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The US Sanctions an Iranian-Linked Banking Network

The US sanctioned a banking network linked to Iran

The Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury sanctioned 39 entities forming a banking network outside of official oversight, known as the shadow banking system.

This network is one of several illegal and multinational financial networks that provide services to Iranian entities under sanctions, enabling them to engage with the global banking system and conduct transactions with commercial institutions.

The Persian Gulf Petrochemical Industry Commercial Company and the Triliance Petrochemical Company are among the companies that have exploited this network.

Iranian currency exchanges facilitate trade between foreign companies and sanctioned Iranian companies by creating shell companies abroad, with the desired foreign currency being handled through internal accounting.

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