The Financial Crimes Enforcement Network today issued an advisory to assist financial institutions in identifying, preventing and reporting suspicious activity connected to Iranian illicit financial activity, including oil smuggling, “shadow banking” and weapons procurement. The advisory replaces FinCEN’s 2018 Iran advisory, which the agency rescinded.
The advisory provides updated red flags and information on current trends and typologies for Iranian sanctions evasion and other illicit activity.
In addition to the FinCEN advisory, the Office of Foreign Assets Control today designated more than 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.
