US Treasury sanctions Hong Kong-based firm over Iran money laundering ties
The United States announced sanctions on a Hong Kong company on Friday for allegedly helping launder funds for a sanctioned Iranian exchange house, the latest Chinese entity to be targeted as part of Washington’s expanded efforts to squeeze Iran’s financial sector. The development comes as Washington has in recent days slapped new Iran-related sanctions on various Chinese entities, prompting…
The US Treasury sanctioned a Hong Kong-based firm, Kameng Trading Ltd., on Friday for allegedly aiding in the money laundering of funds for a sanctioned Iranian exchange house, Pedram Pirouzan Exchange House. This action is part of Washington's ongoing efforts to tighten Iran's financial sector. Kameng Trading Ltd. acted as a front company to assist the Iranian entity in accessing the international financial system.
The company was founded in July 2024 and is registered in New Mandarin Plaza, Tsim Sha Tsui, Hong Kong. The sole shareholder and director of the firm is Musthafa Azheekkodantakath, an Indian national with a correspondence address in Dubai, UAE. The US Treasury has been targeting Iranian entities with sanctions, including a Dubai-based branch manager of Iranian bank Bank Melli, accused of facilitating billions of dollars in transactions through accounts controlled by the Islamic Revolutionary Guard Corps Qods Force. Iran has condemned the sanctions as a "flagrant violation of the UN Charter."
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