Today, as part of Operation Economic Outcast, the U.S. Department of the Treasury sanctioned Panama- and Greece-based law firm Karnakis and Karnakis, which has supported illicit Iranian shipping activity for years, indirectly aiding Tehran’s ability to generate revenue to fund its military, weapons, and nuclear programs. Throughout Operation Economic Outcast, Treasury has continued to coordinate with counterparts in Europe and around the world to sever the Iranian regime’s remaining economic lifelines. Treasury today also sanctioned Singapore- and UAE-based shipping agents that directly aid Iranian shadow fleet operations.
In addition, Treasury’s Financial Crimes Enforcement Network (FinCEN) is acting in close coordination with European partners, including in Greece, and leveraging existing legal authorities, such as its first issuance of an administrative subpoena pursuant to 31 U.S.C. § 5318(k) of the Bank Secrecy Act, to advance its investigation into a Greek bank’s potential ties to Iran and its proxies. Additionally, FinCEN has issued multiple requests for information concerning banks’ relationships with OFAC-designated Iranian financial institutions.
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