U.S. Department of the Treasury sanctions 12 people and entities tied to Iran’s shadow banking system and IRGC-Qods Force support

The U.S. Department of the Treasury’s Office of Foreign Assets Control designated 12 people and entities involved in networks supporting Iran’s shadow banking system and the Islamic Revolutionary Guard Corps-Qods Force. The action targets two Dubai-based exchange houses, four Iranian facilitators and five shell or front companies used to move hundreds of millions of dollars through China, Hong Kong, Singapore and the United Arab Emirates on behalf of Iran’s Shahr Bank and its previously sanctioned front companies. A further individual was designated for facilitating the transport of fighters, weapons and money for the IRGC-Qods Force and Iran-aligned militias. The exchange houses Titan Exchange and Alps International allegedly processed payments, generated shell-company invoices and handled funds for Shahr Bank and Farab Soroush Afagh Qeshm. The designations block affected property and interests in property within U.S. jurisdiction, including entities owned 50% or more by blocked persons, and generally prohibit transactions involving them by U.S. persons or through the United States. Foreign financial institutions facilitating significant transactions for the designated parties may also face secondary sanctions, including restrictions on U.S. correspondent or payable-through accounts.