The U.S. Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN), convened a public-private partnership event in Washington, D.C. with 16 systemically important global financial institutions and federal law enforcement agencies focused on denying Iran access to the global financial system. The session launched FinCEN’s “Iran Maximum Pressure and Counter Terrorism” (IMPACT) Exchange series and centred on Iran’s global oil and “shadow banking” networks. Discussions covered challenges in complying with U.S. sanctions on Iran and the ways multi-jurisdictional shadow banking arrangements can provide sanctioned Iranian entities access to the international financial system and obscure trade with foreign customers, with participants sharing best practices and investigative findings. Treasury framed the exchange as supporting implementation of National Security Presidential Memorandum-2 (NSPM-2) and published Treasury Secretary Scott Bessent’s remarks from the event. FinCEN Exchange operates as a voluntary, statutorily authorised public-private partnership that began in 2017 and was codified in the Anti-Money Laundering Act of 2020.
U.S. Department of the Treasury 2025-04-02
U.S. Department of the Treasury convenes first FinCEN IMPACT Exchange with 16 global banks and law enforcement on Iran sanctions evasion
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) hosted a public-private event in Washington, D.C. with financial institutions and federal law enforcement to address Iran's global financial access. The "Iran Maximum Pressure and Counter Terrorism" (IMPACT) Exchange series focuses on Iran's oil and shadow banking networks and U.S. sanctions compliance. This initiative supports National Security Presidential Memorandum-2 and is part of the FinCEN Exchange, established in 2017 and codified in the Anti-Money Laundering Act of 2020.