On 12th July, VoA reported that the US and UAE have broken up a network funnelling illicit funds to Iran. The currency exchange network was allegedly transferring millions of dollars to Iran’s Islamic Revolutionary Guards Corps’ Quds Force. Dismantled in May, it was said to have used currency exchanges employing the UAE financial system to transfer cash out of Iran and convert it into US dollars for use by Iranian-supported proxy groups in the region and used forged documents and disguised its dealings behind front and shell companies. In early June, the UAE had announced it had restricted the operations of 7 currency exchange houses for unspecified violations of AML and other regulations. The article also notes that UAE exports to Iran are about 5% of the UAE’s GDP.