Trump admin cracks down on Iranian shadow banking system

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Title : Trump admin cracks down on Iranian shadow banking system
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US sanctions over 30 individuals and entities in an Iranian "shadow banking" network, accused of laundering billions globally. Treasury Secretary Scott Bessent states this system is a "critical lifeline" for Iran's destabilizing activities. The United States has levied sanctions against over 30 individuals and entities implicated in an Iranian "shadow banking" network, Reuters reports. The US Treasury Department announced Friday that this network has laundered billions of dollars through the global financial system, serving as a critical financial artery for the Iranian regime.

The sanctions target Iranian nationals alongside entities based in the United Arab Emirates and Hong Kong. The Treasury Department explicitly linked at least two of the sanctioned companies to Iran's national tanker company.

Treasury Secretary Scott Bessent emphasized the network's significance, stating, "Iran’s shadow banking system is a critical lifeline for the regime through which it accesses the proceeds from its oil sales, moves money, and funds its destabilizing activities." US officials believe this financial infrastructure aids Tehran in financing its nuclear and missile programs and supporting its militant proxies across the Middle East. (Read more)