The U.S. Treasury Department on Tuesday imposed sanctions on two individuals and 10 entities for their alleged involvement in facilitating illicit financial transactions for Iran’s Islamic Revolutionary Guard Corps (IRGC) and its Quds Force.
The sanctions target a network that allegedly helped the IRGC and its proxies evade U.S. sanctions by moving money through front companies and financial institutions. The Treasury Department said the network was involved in a variety of illicit activities, including money laundering, fraud, and smuggling.
“These sanctions are part of our ongoing efforts to disrupt the financial support that the IRGC and its proxies receive,” said Brian Nelson, Under Secretary for Terrorism and Financial Intelligence. “We will continue to hold accountable those who seek to undermine our sanctions regime and support the IRGC’s destabilizing activities.”
The sanctioned individuals and entities are based in Iran, Turkey, and the United Arab Emirates. The Treasury Department said that the sanctions would freeze any assets they hold in U.S. jurisdiction and prohibit U.S. persons from engaging in any transactions with them.
The IRGC is a powerful military and economic force in Iran, and its Quds Force is responsible for extraterritorial operations. The U.S. has designated both as terrorist organizations.
