The U.S. Department of the Treasury announced that financial networks linked to Iran conducted approximately $9 billion in suspicious transactions through U.S. bank accounts in 2024. The report is part of President Donald Trump’s renewed “maximum pressure” campaign against Tehran.
According to the U.S. Treasury, its Financial Crimes Enforcement Network (FinCEN) has uncovered an extensive network of Iranian shadow banking in its latest financial trend analysis. The network consists of domestic exchange houses, front companies, and foreign intermediaries that operate to evade sanctions, launder money, sell oil illegally, and finance Tehran’s regional proxy forces.
U.S. Treasury Sanctions Financial Network Supporting IRGC And Defense Ministry of Iranian Regime
“Identifying Iran’s complex financial lifelines and shadow networks is an essential part of cutting off the funding for their military, weapons programs, and terrorist proxies,” said FinCEN Director Andrea Gacki. “By issuing this public analysis, we hope to draw attention to Iran’s shadow banking activity and encourage financial institutions to be vigilant.”
The report emphasizes that Iran has conducted billions of dollars in transactions through shell companies and intermediaries based in the United Arab Emirates, Hong Kong, and Singapore. According to FinCEN’s findings, foreign shell companies were responsible for about $5 billion in transactions in 2024, while Iran-linked oil companies handled another $4 billion. In addition, companies suspected of supplying sensitive technologies to Iran engaged in over $413 million worth of financial exchanges during the same year.
The report comes as President Donald Trump, since February 2025, has launched a new phase of his maximum pressure campaign against Tehran. Its objectives include preventing Iran from acquiring nuclear weapons and intercontinental ballistic missiles, curbing its military activities, and cutting off the financial networks of the Islamic Revolutionary Guard Corps (IRGC) and the regime’s regional proxy groups.
