FinCEN identifies $9B in Iranian shadow-banking activity in 2024, involving shell and front companies used to evade sanctions and finance illicit oil, trade, and weapons procurement networks

This activity was facilitated by a network of Iranian front companies, including shell companies, oil companies, and technology procurement firms, operating primarily in jurisdictions such as the UAE, Hong Kong, and Singapore. These entities engaged in transactions to evade sanctions, launder money, and fund Iran’s military and weapons programs, as well as its regional terrorist proxies…