Treasury Sanctions Iranian Network Laundering Billions for Regime Through Shadow Banking Scheme

Updated FinCEN Advisory Highlights Iranian Oil Smuggling, Shadow Banking, and Weapons Procurement TypologiesWASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating over 30 individuals and entities tied to Iranian brothers Mansour, Nasser, and Fazlolah Zarringhalam, who have collectively laundered billions of dollars through the international financial system via Iranian exchange houses and foreign front companies under their control as part of Iran’s “shadow banking” network. The regime leverages this network to evade sanctions and move money from its oil and petrochemical sales, which help the regime fund its nuclear and missile programs and support its terrorist proxies.