Articles for tag: banking, Economic sanctions on Iran, facilitates, financing, Financing of terrorism, Iran's shadow banking network, Iranian oil sanctions, Irans, IRGC Sanctions, Military, Military sanctions on Iran, MODAFL Sanctions, network, OFAC Sanctions, Petrochemical sanctions, Risks of the global financial system, shadow, targeting, Treasury

The US Treasury is targeting the shadow banking network that facilitates Iran’s military financing

The US Treasury Department announced on Tuesday that it has targeted a shadowy banking network that funnels money to Iran’s military. The Treasury Department said its Office of Foreign Assets Control (OFAC) is sanctioning nearly 50 entities and individuals that are multiple branches of an extensive “shadow banking” network used by Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL). and the Islamic Revolutionary Guard Corps. (IRGC) to gain illicit access to the international financial system and process the equivalent of billions of dollars by 2020. “MODAFL and the IRGC engage in various revenue-generating commercial activities, most notably the sale