The shadow banking network that has ties to Russia has been used by the Islamic Republic to evade sanctions.
The Department of the Treasury has taken action this month as part of Operation Economic Outcast against the A7 network, a shadow banking network with ties to Russia used by the Iranian regime to evade sanctions.
“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 Treasury Secretary Scott Bessent. He added that the “action targeting A7 continues Treasury’s unprecedented efforts to isolate Iran and its financial enablers and sends a clear message that if you facilitate illicit finance for America’s adversaries, you will lose access to the U.S. financial system.”
“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,” the Treasury Department explained. “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) also sanctioned the A7 Network as a significant transnational criminal organization.
As the Lord Leads, Pray with Us…
- For Secretary Bessent as he oversees the implementation of sanctions and targeting of shadow banking networks designed to evade them.
- For U.S. Treasury officials in OFAC and FinCEN as they leverage and impose sanctions on hostile regimes and entities.
Sources: Department of the Treasury, PJ Media, NY Times, The Hill
