WASHINGTON - The US Treasury together with the United Arab Emirates announced action to disrupt an alleged "large scale" currency exchange network run by Iran's powerful Islamic Revolutionary Guard Corps. The Treasury also singled out Iran's central bank as "complicit" in the IRGC operation, alleging the bank gave the operation access to funds held in offshore bank accounts. "We are intent on cutting off IRGC revenue streams wherever their source and whatever their destination," he said. The individuals and companies included an alleged IRGC "front company" in Tehran, Jahan Aras Kish, and a Tehran money-changer, Rashed Exchange. The new sanctions on the currency network ban US individuals and entities from doing business with them, aiming to lock them out of global dollar networks.

Source: Bangkok Post May 10, 2018 18:45 UTC