OPERATION ECONOMIC OUTCAST TAKES UNPRECEDENTED ACTION AGAINST SANCTIONS EVASION NETWORK USED BY IRAN

WASHINGTON, Oct. 1 -- The U.S. Department of the Treasury issued the following news release:

Today, as part of Operation Economic Outcast, the U.S. Department of the Treasury took unprecedented action against the A7 Network, a shadow banking network with ties to Russia used by the Iranian regime to evade sanctions.

Treasury's Financial Crimes Enforcement Network (FinCEN) proposed a rule that would prohibit transmittals of funds regarding transactions involving the A7 Network's Sub-Agents. Additionally, FinCEN issued an Alert to help financial institutions detect and report suspicious activity related to the A7 Network. Treasury's Office of Foreign Assets Control (OFAC) sanctioned the A7 Network as a significant transnational criminal org...