The Financial Crimes Enforcement Network has identified approximately $9 billion of potential Iranian shadow banking activity that occurred through U.S. correspondent accounts in 2024, according to an agency analysis of reports from U.S. financial institutions.
Iran relies on shadow banking networks of exchange houses and foreign companies to evade sanctions, sell oil and other commodities abroad, launder money, sustain its regional terrorist proxies, and fund its military and weapons programs, FinCEN said. Iranian shell companies transacted approximately $5 billion in 2024. Iran-linked oil companies based largely in the UAE and Singapore transacted approximately $4 billion.
FinCEN released an advisory in June to help U.S. financial institutions identify and report potential sanctions evasion and other suspicious activity linked to Iran.
