US Sanctions Iranian Exchange Houses and Individuals Accused of Supporting MODAFL’s Illicit Activities
Washington D.C. - The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated several Iranian exchange houses and individuals for allegedly providing financial support to the Military Logistics Organization of the Islamic Revolutionary Guard Corps (IRGC), also known as MODAFL.
Designations Made Under Executive Order 13224
The designations were made under Executive Order (E.O.) 13224, which targets entities and individuals that have materially assisted, sponsored, or provided financial support to MODAFL. The sanctions aim to prevent the designated persons from engaging in any transactions with US persons or within the United States.
Individuals and Exchange Houses Designated
- Siavash Nourian: Owner of Nourian Exchange, a Tehran-based exchange house, accused of facilitating foreign currency transfers worth tens of millions of dollars on behalf of the MODAFL Supply Division and the IRGC Oil Command. Nourian Exchange established shell companies in Hong Kong to conduct these transactions.
- Seyyed Reza Mir Mohammad Ali: CEO and owner of Atropars Company (also known as Atropars Exchange), designated for his role in establishing cover companies and financial accounts for the MODAFL Supply Division. Atropars Company processed over $40 million in euros in incoming and outcoming transfers between March 2022 and March 2023.
Transactions Frozen
As a result of the designations, all property and interests in property of the designated persons are blocked and must be reported to OFAC. Any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked.
Financial Institutions Warned
The sanctions impose strict controls on financial institutions and other persons that engage in transactions with the designated individuals and entities. The Treasury Department warned that engaging in such transactions may expose them to sanctions or enforcement action.
Efforts to Disrupt MODAFL’s Illicit Activities
This latest move is part of the US government’s efforts to disrupt MODAFL’s illicit activities and prevent it from supporting the IRGC’s military operations. The Treasury Department has taken similar measures in recent years to target other Iranian entities accused of engaging in illegal activities, including the Central Bank of Iran and several major banks.
Conclusion
The designations are a significant step in disrupting MODAFL’s illegal activities and preventing it from supporting the IRGC’s military operations. The US government will continue to take action against individuals and entities that provide financial support to these illicit activities.