US Treasury Department tells banks to flag suspected Iranian money-laundering networks

AI Summary

The US Treasury Department is urging financial institutions to monitor for Iranian money-laundering activities tied to oil sanctions. This action aims to curb illicit financial flows concerning smuggled oil and cryptocurrency schemes.

The Treasury Department wants US banks and other financial institutions to monitor for suspected Iranian money-laundering networks that use their funds to smuggle sanctioned oil through shell companies and cryptocurrency networks. The move, which effectively deputises the global financial system to help disrupt Iran’s sanctions-evasion infrastructure, comes as the US and Iran reached another impasse over how to end their war while their ceasefire has grown increasingly shaky. US President Donald...