US imposes sanctions on financial network backing Iran's military
The US Treasury Department on Tuesday announced new sanctions on individuals and entities accused of channelling funds to Iran’s military.
The Treasury’s Office of Foreign Assets Control (OFAC) said the network coordinated money transfers, including proceeds from Iranian oil sales, to support the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and the Ministry of Defense and Armed Forces Logistics (MODAFL).
“Iranian entities rely on shadow banking networks to evade sanctions and move millions through the international financial system,” said John K. Hurley, Under Secretary for Terrorism and Financial Intelligence.
He added that Washington “will continue to disrupt these key financial streams that fund Iran’s weapons programs and malign activities in the Middle East and beyond.
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