US Imposes Fresh Tehran Sanctions, Targets Financial Networks

FinCEN issued an alert urging financial institutions to identify and report suspected abuse of religious charity networks by the Iranian regime, including the diversion of religious tithes known as khums

WASHINGTON: The Trump administration has imposed fresh Iran-related sanctions targeting 16 individuals and 10 entities, while stepping up efforts to disrupt Tehran’s access to international financial networks, according to notices posted on the US Department of the Treasury’s website on Thursday.

As part of Operation Economic Outcast, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued an alert urging financial institutions to identify and report suspected abuse of religious charity networks by the Iranian regime, including the diversion of religious tithes known as khums.

Treasury Secretary Scott Bessent said the administration would not allow Iran to exploit religious institutions to enrich its elites or fund terrorism. He urged financial institutions to report suspicious activity to help law enforcement identify and disrupt illicit financial networks.

US Treasury Department

According to the Treasury Department, some organizations collecting religious contributions may channel funds to Iran or Iran-linked entities through informal financial systems, including hawala networks and cash couriers. FinCEN’s alert provides indicators to help financial institutions detect and report potentially illicit transactions.

The Treasury Department also said it had disrupted Iran’s efforts to access the international financial system through an Iraqi bank that allegedly supports Iran-linked armed groups. It said sanctions were aimed at offshore banks, shadow financiers, shell companies and foreign-exchange specialists suspected of moving hundreds of millions of dollars across the Middle East and Asia.

Separately, the US State Department designated Cuba-based Banco Internacional de Comercio S.A. (BICSA) under Executive Order 14404 for operating in the Cuban financial services sector. The Treasury Department said BICSA had provided services to Iran-based Karafarin Bank since at least 2022.

The latest measures were taken under Executive Order 13902, which targets certain sectors of Iran’s economy, including its financial and petroleum sectors.

Bessent said Washington would continue efforts to cut off financial channels that it says help Iran fund its military and regional proxy groups. The measures mark another step in the Trump administration’s campaign to intensify economic pressure on Tehran.