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Treasury Issues Advisory to Detect Suspicious Transactions Tied to Iran-Backed Terrorism in Iraq

Washington D.C.

The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued an advisory to help financial institutions detect and prevent potentially illicit transactions linked to Iranian-backed terrorist organizations in Iraq.

Heightened Terrorist Activity in Iraq

In response to the escalating threat, FinCEN is urging financial institutions to remain vigilant and report any suspected illicit activity. The advisory highlights the methods by which these groups receive funding from Iran and outlines several tactics they use to access or circumvent international financial systems.

Warning Signs of Suspicious Transactions

The advisory provides warning signs that may aid in identifying suspicious activity related to these transactions, including:

• Unusual patterns of transactions involving Iranian entities or individuals
• Transfers of funds to or from countries with known ties to terrorism
• Use of shell companies or other complex structures to conceal the origin or destination of funds
• Transactions involving high-value items such as cash, precious metals, or other commodities

Funding Destabilizing Activities

Iran has been actively seeking new ways to fund its destabilizing activities, including financing proxy terrorist groups in Iraq and other parts of the Middle East. Despite decades of sanctions and international pressure, Iran continues to pursue a strategy of exporting terrorism throughout the region.

Statement from FinCEN Director Andrea Gacki

“This is a critical step in preventing terrorist organizations from exploiting our financial system,” said FinCEN Director Andrea Gacki. “As we continue to witness instability and violence in the region, it’s essential that financial institutions remain vigilant and report any suspected illicit activity.”

Statement from Under Secretary of the Treasury Brian E. Nelson

“Despite decades of sanctions and international pressure, Iran continues to pursue a strategy of exporting terrorism throughout the region,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “We will continue to work with our partners to constrain their ability to exploit our financial system.”

Full Advisory Available Online

The full advisory can be found online at FIN-2024-A001. FinCEN is urging financial institutions to review the advisory carefully and take necessary steps to identify and report any suspicious transactions related to these groups.