US sanctions ‘shadow banking network’ used by Iran’s military

News Snapshot:

June 25, 2024 WASHINGTON — The US Treasury Department imposed dozens of sanctions Tuesday on what it described as a vast "shadow banking network" that Iran’s military has used to gain access to the international financial system. According to a Treasury Department news release, the Iranian Ministry of Defense and Armed Forces Logistics and the country’s Islamic Revolutionary Guard Corps use networks of Iranian exchange houses and dozens of foreign companies to disguise the revenue they generate from the sale of Iranian oil and petrochemicals. Those funds are used for a range of illicit activities including the provision of weapons...