The US Treasury announced sanctions on Friday on a Turkey-based bank and two of its subsidiaries, accusing them of moving tens of millions of dollars on behalf of Iran's Islamic Revolutionary Guard Corps (IRGC) Quds Force and facilitating Tehran's movement of funds across the international banking system.
“"Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast," US Treasury Secretary Scott Bessent said. "We know who you are, we know where you are, and we will continue to take action together with our allies and partners until we have buried the head of the Iranian snake."
The Office of Foreign Assets Control (OFAC) named Golden Global Yatirim Bankasi Anonim Sirketi, alongside its two Istanbul-based units, Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi.
OFAC alleges the bank was created to help Iranian oil revenues reach Turkey from China, where exchangers converted the funds into cash and gold, and accuses it of opening correspondent banking to Iranian institutions through accounts under Quds Force control.
The sanctions come as part of Washington's Operation Economic Outcast, a campaign to economically asphyxiate Iran by cutting off its remaining revenue and severing the channels it uses to move money abroad.
Bessent told Reuters on August 30 that READ MORE AT SOURCE »
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