Financial Crime World

US Sanctions Iranian Exchange Houses and Individuals for Supporting Military-Industrial Complex

Washington D.C., [Date] - The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced new sanctions against several Iranian exchange houses and individuals accused of providing financial support to the Islamic Revolutionary Guard Corps (IRGC) and the MODAFL Supply Division, a key component of Iran’s military-industrial complex.

Designated Individuals and Entities

The following individuals have been designated for their role in supporting MODAFL:

  • Siavash Nourian, owner of Siavash Nourian & Co. Exchange
  • Seyyed Reza Mir Mohammad Ali, CEO and owner of Atropars Company (also known as Atropars Exchange)

Designated Shell Companies

Three shell companies based in Hong Kong have been designated for their role in facilitating financial transactions on behalf of the MODAFL Supply Division and the IRGC Oil Command:

  • Kumu Limited
  • City Base Group Limited
  • Net Trading Co. Limited

These companies were used to transfer funds worth tens of millions of dollars between August and November 2023.

Sanctions Imposed

The sanctions impose the following restrictions:

  • All property and interests in property of the designated individuals and entities that are in the United States or in the possession or control of US persons are blocked and must be reported to OFAC.
  • Any transactions by US persons or within the United States involving any property or interests in property of the designated persons are prohibited.

Impact

The sanctions aim to disrupt Iran’s military-industrial complex and prevent it from accessing the global financial system. The US government has consistently highlighted the IRGC’s role in supporting Iran’s ballistic missile program, nuclear activities, and other destabilizing activities in the region.

Quotes

“These sanctions demonstrate the US commitment to disrupting Iran’s military-industrial complex and preventing it from accessing the global financial system,” said a senior administration official. “We will continue to take action against those who support Iran’s destabilizing activities.”

The designations were made under Executive Order 13224, as amended, which authorizes the Secretary of the Treasury to designate individuals and entities that have engaged in or pose a significant risk of engaging in activities that threaten the national security, foreign policy, or economy of the United States.