"Identifying Iran's complex financial lifelines and shadow networks is an essential part of cutting off the funding for their military, weapons programs and terrorist proxies," per the U.S. Treasury Department.
The U.S. Treasury Department said on Thursday that it had identified about $9 billion of “potential” Iranian shadow banking activity, which occurred via U.S. correspondent bank accounts, in 2024. It cited reporting from U.S. banks.
The announcement, a financial trend analysis issued by the U.S. agency’s financial crimes enforcement network, stated that the identification was part of U.S. President Donald Trump’s “maximum pressure campaign on Iran,” which it said “will help to ensure financial institutions are tracking and countering the threat posed by Tehran’s shadow banking activity.”
“Identifying Iran’s complex financial lifelines and shadow networks is an essential part of cutting off the funding for their military, weapons programs and terrorist proxies,” stated Andrea Gacki, director of the department’s financial crimes enforcement network.