Department of the Treasury Identifies Iran as a

Jurisdiction of “Primary Money Laundering Concern”

(November 18, 2011)


US Legislation Regarding Iran | Threats to Israel: Iran | Iran Fact Sheet


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The U.S. Department of the Treasury identified the Islamic Republic of Iran as a jurisdiction of primary money laundering concern under Section 311 of the USA PATRIOT Act (Section 311) based on Iran’s support for terrorism; pursuit of weapons of mass destruction (WMD); reliance on state-owned or controlled agencies to facilitate WMD proliferation; and the illicit and deceptive financial activities that Iranian financial institutions – including the Central Bank of Iran – and other state-controlled entities engage in to facilitate Iran’s illicit conduct and evade sanctions.
 
In issuing thi finding, the Department of the Treasury has for the first time identified the entire Iranian financial sector; including Iran’s Central Bank, private Iranian banks, and branches, and subsidiaries of Iranian banks operating outside of Iran as posing illicit finance risks for the global financial system.
 
The finding also creates a clear public record of the scope and depth of Iran’s illicit conduct, detailing the involvement of Iranian government agencies and banking institutions in WMD proliferation, support for terrorism, and other illicit conduct.  In particular, the finding includes new information about the Central Bank of Iran’s role in facilitating Iran’s illicit conduct and Iran’s efforts to evade international sanctions.

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Source: US Department of the Treasury, Financial Crimes Enforcement Network