The U.S. Office of Foreign Assets Control (OFAC) sanctioned two Iranian financial facilitators and more than a dozen individuals and entities based in Hong Kong and the United Arab Emirates for moving funds that allegedly benefited Iran’s military.
The designees helped coordinate funds transfers, including from the sale of Iranian oil, that benefited the Islamic Revolutionary Guard Corp (IRGC) – Quds Force and the nation’s Ministry of Defense and Armed Forces Logistics (MODAFL), the Treasury Department said.
The network also used overseas front companies and cryptocurrency to launder money used to support regional proxy groups and the development of ballistic missiles and UAVs.
The action, taken under Executive Order 13224, designates Iranian nationals Alireza Derakhshan and Arash Estaki Alivand for coordinating the purchase of over $100 million in cryptocurrency tied to Iranian oil sales through front companies across multiple jurisdictions.
Treasury said Alivand worked as a facilitator and oil broker for the Al-Qatirji Company and engaged in transactions with Tawfiq Muhammad Sa’id al-Law, both previously designated under E.O. 13224.
Read the Treasury statement here
Read the OFAC designations here