US cracks down on secret Iranian oil money networks
The US is intensifying efforts to track secret bank accounts used by Iran to transfer oil revenues through intermediaries and front companies.
The United States is ramping up its efforts to uncover hidden bank accounts utilized by Iran to funnel oil earnings via middlemen and sham companies. According to US authorities, these targeted accounts serve to transfer profits from clandestine oil sales to entities associated with the Iranian regime. Some of these funds, as reported by Reuters, are allegedly earmarked for the import of military hardware.
The US Treasury Department has levied sanctions and penalties on banks operating in Russia and China, limiting their access to the SWIFT banking network due to their collaboration with Iran. Certain banks are alleged to have charged exorbitant fees, some reaching up to 30 percent, for enabling Iranian monetary transfers.
US Treasury Secretary Scott Beissinger has cautioned all nations working alongside Iran that they face the risk of encountering stringent US measures and sanctions.
Written by urgent.news from Ajel English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
