On April 11, the U.S. Treasury sanctioned an Iranian businessman, a Malaysian bank and an international network of front companies that moved billions of dollars to a Revolutionary Guards company. “As international sanctions have become increasingly stifling, Iran has resorted to criminal money laundering techniques, moving its oil and money under false names and pretenses,” said Treasury Under Secretary for Terrorism and Financial Intelligence David S. Cohen. The following are excerpts from the press release, with a link to the full text at the end.
The U.S. Department of the Treasury today designated Babak Zanjani, an Iranian businessman, along with a Malaysian bank and an international network of front companies for moving billions of dollars on behalf of the Iranian regime, including tens of millions of dollars to an Islamic Revolutionary Guards Corps (IRGC) company. Today’s actions were taken pursuant to Executive Order (E.O.) 13382, which targets proliferators of weapons of mass destruction (WMD) and their supporters.
“As international sanctions have become increasingly stifling, Iran has resorted to criminal money laundering techniques, moving its oil and money under false names and pretenses,” said Treasury Under Secretary for Terrorism and Financial Intelligence David S. Cohen. “Whether through Babak Zanjani, Dimitri Cambis, or tomorrow’s chosen accomplice, we will be relentless in exposing and thwarting Iran’s attempts to evade international sanctions and abuse the global financial system.”
Treasury today also designated the Swiss-based Iranian oil trading company, Naftiran Intertrade Company Ltd. (NICO), for being owned or controlled by the National Iranian Oil Company (NIOC). NIOC has been designated pursuant to E.O. 13382 and identified as an agent or affiliate of Iran’s Islamic Revolutionary Guard Corps, which is itself designated under E.O. 13382.
The designation of NICO, as well as Babak Zanjani and his affiliated entities, under E.O. 13382 generally prohibits transactions between the designees and any U.S. person, and freezes any assets they may currently have or that come under U.S. jurisdiction. Additionally, today’s designations under E.O. 13382 carry consequences under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA). Foreign financial institutions that knowingly facilitate significant transactions or provide significant financial services for these sanctioned entities or individual are exposed to potential loss of access to the U.S. financial system.
Click here for the full text.