U.S. sanctions ‘sprawling’ shadow banking network for supporting Iranian military

Source: ca.finance.yahoo.com ca.finance.yahoo.com

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WASHINGTON (AP) — The U.S. Treasury Department said Tuesday it is imposing economic sanctions on 50 people and firms across Hong Kong, the United Arab Emirates and the Marshall Islands that have been acting as a “sprawling shadow banking network” for Iran's military. Treasury’s Office of Foreign Assets Control said the entities and individuals are involved in the sale of Iranian oil and petrochemicals, which have helped Iran's military and government gain illicit access to the international financial system. The income pays for weapons and funding to proxy groups, including Yemen’s Houthis, as well as drone transfers to Russia, Treasury...