Operation Economic Outcast Takes Unprecedented Action Against Sanctions Evasion Network Used by Iran

WASHINGTON—Today, as part of Operation Economic Outcast, the U.S. Department of the Treasury took unprecedented action against the A7 Network, a shadow banking network with ties to Russia used by the Iranian regime to evade sanctions. Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would prohibit transmittals of funds regarding transactions involving the A7 Network’s Sub-Agents.Additionally, FinCEN issued an Alert to help financial institutions detect and report suspicious activity related to the A7 Network.Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the A7 Network as a significant transnational criminal organization.“Treasury is dismantling the financial infrastructure that allows Iran and other adversaries to evade sanctions, move illicit funds, and undermine the integrity of the global financial system,” said Secretary of the Treasury Scott Bessent.