OFAC targets 3 Iranian exchange houses and front companies for moving billions in foreign currency through shadow networks funding Iran’s military and sanctions evasion

The measures target exchange houses and intermediaries accused of facilitating foreign currency transactions for sanctioned Iranian banks, the Central Bank of Iran, and the National Iranian Oil Company through layered corporate structures and offshore entities. Treasury also highlights the use of acquired foreign citizenships, opaque ownership arrangements, and jurisdictions with weak AML controls to conceal links to Iran and launder funds through the international financial system…