U.S. Treasury collaborates with major banks and law enforcement to block Iranian sanctions evasion.
U.S. Treasury Secretary Scott Bessent convened leaders from 16 major global financial institutions along with federal law enforcement recently for the inaugural session of the “Iran Maximum Pressure and Counter Terrorism” (IMPACT) Exchange. The Financial Crimes Enforcement Network (FinCEN) event focused on disrupting Iran’s covert oil trade and shadow banking operations, networks designed to bypass international sanctions and fund activities considered threats to global security.
The exchange supports the implementation of National Security Presidential Memorandum-2, which outlines the U.S. policy to limit Iran’s nuclear ambitions, missile programs, and ties to terrorism.
The Treasury Department emphasized its commitment to preventing Iran and affiliated entities from accessing the U.S. dollar or global financial systems. Participants at the IMPACT Exchange reviewed recent case studies and shared strategies to strengthen sanctions compliance and detect illicit finance. Shadow banking systems, which operate across jurisdictions to obscure transactions, were identified as a critical target for ongoing enforcement.
“As Treasury Secretary, I want to assure the American people that I am fully committed to using every available tool to prevent Iran and its terrorist proxies from gaining access to the U.S. dollar and the broader international financial system,” said Secretary Bessent.
As the Lord Leads, Pray with Us…
- For members of the Financial Crimes Enforcement Network as they seek to isolate Iran and eliminate sanction workarounds.
- For prudence for Secretary Bessent as he oversees the Treasury Department and its agencies.
- For President Trump and administration officials as they seek an agreement with Iranian leaders on nuclear development.
Sources: Department of the Treasury
