Controlling Iranian money laundering schemes - US Treasury asks domestic banks to increase vigilance
In an effort to dismantle sophisticated financial systems used by Iran to circumvent international trade restrictions and pressure Tehran into a deal, the US Treasury Department has called on the banking sector to increase scrutiny.
The initiative engages private lenders to help identify clandestine networks that move capital through shell companies and digital assets to hide proceeds from sanctioned oil sales.
In particular, US banks have been instructed to closely monitor oil labeled as 'Malaysian blend', as this designation in shipping documentation is said to be often used to disguise its Iranian origin.
Other indicators cited include 'missing or clearly falsified shipping records' and the use of ship-to-ship transfers at sea, which are designed to hide the original source of the cargo.
This is the latest development in the US government’s coordinated campaign, dubbed “Economic Rage,” which began in April. The initiative is designed to exert “maximum economic pressure” and financially isolate the Iranian regime by systematically cutting off its main sources of revenue.
According to the Financial Crimes Enforcement Network (FinCEN), an office within the U.S. Treasury Department, dozens of shipping companies based in Iraq, the United Arab Emirates, and Hong Kong have been identified as participating in the transportation of sanctioned Iranian oil.
In a report published on Monday, US authorities found that these firms conducted transactions worth approximately $4 billion (3.4 billion euros) linked to Iranian oil companies and processed at least $707 million (602 million euros) of these funds through US accounts in 2024.
In April, the US Treasury Department had sent official correspondence to financial institutions in China, Hong Kong, the United Arab Emirates and Oman regarding the matter.
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