The sanctioned entities have ties to the “Shadow Banking Network,” which is involved in money laundering on behalf of Iran, according to a State Department press release.
The network has laundered billions of dollars through Iranian exchange houses and foreign front companies, according to the release.
The Zarringhalam brothers and their associates used front companies based in the United Arab Emirates and Hong Kong to help certain Iranians generate revenue from the sale of petroleum and other commodities used to build nuclear weapons.
At the same time, the Treasury’s Financial Crimes Enforcement Network Department updated an advisory to provide information on forms of illegal financing, as well as red flags associated with Iranian oil smuggling, shadow banking, and procurement of weapons and dual-use components.
The sanctions, which also target some entities in the United Arab Emirates and Hong Kong, come as US President Donald Trump’s administration is working to get a new nuclear deal with Tehran.
Iranian Foreign Minister Abbas Araghchi said Friday that Iran will respond to the American proposal in the coming days.
The Zarringhalam brothers and their associates used front companies based in the United Arab Emirates and Hong Kong to help certain Iranians generate revenue from the sale of petroleum and other commodities used to build nuclear weapons.
At the same time, the Treasury’s Financial Crimes Enforcement Network Department updated an advisory to provide information on forms of illegal financing, as well as red flags associated with Iranian oil smuggling, shadow banking, and procurement of weapons and dual-use components.
