In remarks at FinCEN’s Iran Maximum Pressure and Counter Terrorism (IMPACT) Exchange Series, Treasury Secretary Scott Bessent set out Treasury’s renewed “Maximum Pressure” approach to Iran, combining a broad sanctions campaign with intensified public-private information sharing to disrupt sanctions evasion and terrorism financing. The remarks highlighted a specific focus on Iran’s “shadow banking” networks that facilitate commodity sales, generate hard currency, and help circumvent sanctions, alongside a commitment to provide financial institutions more regular feedback on the effectiveness of their Bank Secrecy Act reporting. The strategy targets every stage of Iran’s oil supply chain, from extraction to sale and financial settlement, with the stated aim of cutting off revenues that support Iran’s nuclear and ballistic missile programs and its proxies, including Hamas, the Houthis, and Lebanese Hizballah. Bessent cited a March 20 Office of Foreign Assets Control designation of a “teapot” refinery and its chief executive officer for purchasing and refining hundreds of millions of dollars’ worth of Iranian crude oil, including from vessels linked to the Houthis and Iran’s Ministry of Defense and Armed Forces Logistics. FinCEN Exchange, described as a statutorily authorized voluntary partnership that convenes financial institutions, regulators, and law enforcement, was positioned as a key mechanism for tactical information exchange and follow-on investigative support. Treasury also flagged continued work on other illicit finance priorities, including a recent Geographic Targeting Order aimed at money laundering linked to Mexico-based cartels and other criminal actors along the U.S. southwest border, as well as efforts against human and child smuggling and trafficking.

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