US ADDS MANY NAMES OF INDIVIDUALS AND ENTITIES TO IRAN SANCTIONS LIST, AND AMENDS ENTRIES FOR 2 ENTITIES AS IT CLAIMS TO HAVE DISRUPTED FRONT COMPANY NETWORK

On 26^th March, OFAC issued a news release saying it had taken action against 25 individuals and entities, including a network of Iran, UAE, and Turkey-based front companies, that have transferred over a billion dollars and euros to the Islamic Revolutionary Guard Corps (IRGC) and Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL), in addition to procuring millions of dollars’ worth of vehicles for MODAFL.  The action is said to have exposed an extensive sanctions evasion network established by the Iranian regime.

It says that through the IRGC-controlled Ansar Bank, the Iranian regime established a layered network of front companies based in Iran, Turkey, and the UAE to bypass sanctions, gain access to the international financial system, and exchange devalued Iranian rial for dollars and euros. Ansar Bank also used international free zones to establish front companies.

https://home.treasury.gov/news/press-releases/sm639

Details of the new and amended entries are at –

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20190326.aspx

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017