Immediate 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 also sanctioned the A7 Network as a significant transnational criminal organization.
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