U.S. Sanctions Target Iranian Financial Networks and Banks
The Treasury listed 16 people and 10 entities, while separate measures targeted banks in Iraq and Cuba.
Key takeaways
- The U.S. Treasury sanctioned 16 people and 10 entities linked to Iran.
- The measures included Iraq-based IDB and Cuba-based BICSA.
- FinCEN urged financial institutions to report suspicious transactions tied to possible misuse of Iranian religious aid networks.
The U.S. Treasury added 16 people and 10 entities to its sanctions list, targeting what it described as Iranian efforts to access the international financial system. The measures include Iraq-based International Development Bank for Investment and Finance (IDB).
The Treasury said IDB provided financial intermediary services to Iran and access to U.S. dollars. It said the bank was listed because it operated in Iran’s financial sector.
The department also said the sanctions target networks Iran uses to move proceeds from oil sales back into the country. According to the Treasury, these shadow-banking networks operate across multiple countries and help Iran earn revenue and transfer money abroad despite U.S. sanctions.
Separately, the State Department placed Cuba-based Banco Internacional de Comercio S.A. (BICSA) under sanctions, citing its current or past activity in Cuba’s financial services sector. The department said BICSA had provided services to Iran-based Karafarin Bank since at least 2022.
The Treasury also said FinCEN issued a warning asking financial institutions to report suspicious transactions that may involve the possible misuse of Iranian regime religious aid networks.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
