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World
The US Treasury issued a warning to financial institutions about IRGC attempts to bypass sanctions using shell companies and digital assets.
The United States on Monday alerted financial institutions to efforts by Iran's Islamic Revolutionary Guard Corps (IRGC) to circumvent American sanctions, as concerns mount over a possible resumption of hostilities in the conflict with Iran, according to Reuters.
The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury Department, said it issued the advisory to help banks and other financial entities identify those funding and facilitating procurement networks that support the IRGC.
FinCEN stated that the IRGC employs shell companies, digital asset infrastructure, and other service providers to evade US sanctions. Citing industry reports, the agency noted in its notice that Iran's digital asset activity amounts to billions of dollars annually, adding that both the Iranian government and the IRGC exploit this activity to bypass sanctions.
The warning follows President Donald Trump's statement on Monday that the ceasefire with Iran is "on the verge of collapse," after he rejected Tehran's response to a US peace proposal. This comes amid fears of a prolonged conflict that has now lasted roughly 10 weeks, killed thousands, and halted energy trade.
The US already imposes heavy sanctions on Iran. On Friday, the State Department announced new measures targeting 10 individuals and entities, some based in China and Hong Kong, for assisting Iran in acquiring weapons and raw materials needed to manufacture its drones and ballistic missiles.
