In an effort to dismantle the sophisticated financial systems used by Iran to bypass international trade restrictions and to pressure Tehran into a deal, the US Treasury Department has called on the banking sector to heighten scrutiny.
The initiative enlists private lenders to assist in identifying clandestine networks that move capital through front companies and digital assets to conceal proceeds from sanctioned oil sales.
In particular, US banks have been instructed to closely monitor oil labelled as ‘Malaysian blend’, as this designation in shipping documentation is allegedly often used to disguise its Iranian origin.
Other indicators mentioned include ‘missing or clearly falsified shipping records’ and the use of ship-to-ship transfers in the open ocean, which are designed to obscure the original source of the cargo.
This is the latest development in the US government’s coordinated campaign, nicknamed ‘Economic Fury’, which launched in April. The initiative is designed to apply 'maximum economic pressure’ and financially isolate the Iranian regime by systematically cutting off its primary revenue streams.
