OFAC has imposed sanctions on 25 individuals and entities, pursuant to Executive Order (E.O.) 13224, which comprise a network of front companies based in Iran, the UAE and Turkey used by “the Iranian regime to illicitly move more than a billion dollars in funds” and provide funding to the Islamic Revolutionary Guard Corps (IRGC) and Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL). See OFAC Notice for sanctions list and Treasury Press Release.
The network was facilitated by IRGC-controlled Ansar Bank and its currency exchange arm, Ansar Exchange, which “exchange[d] devalued Iranian rial for dollars and euros” via intermediary entities operating in international free zones. In addition, the UAE-based intermediaries “were involved in the acquisition of hundreds of vehicles by MODAFL”.
Michael was called to the Bar in 1992 and prior to joining Peters & Peters was a senior specialist prosecutor at the Crown Prosecution Service Headquarters (CPS). He was a key member of a small specialist unit responsible for the prosecution of serious and high-profile fraud, terrorist,...See profile for Michael O'Kane >