Washington: The US Treasury Department announced on Friday that it added an Iran-linked individual and a Hong Kong-based company to its sanctions list, as Washington steps up pressure on Tehran and entities accused of helping it evade sanctions.
According to Anadolu Agency, Reza Mohammad Taeedi, a Dubai-based Iranian national and the general manager of the Dubai branch of Iran's Bank Melli, was added to the Office of Foreign Assets Control's (OFAC) Specially Designated Nationals (SDN) List. Taeedi was designated under Executive Order 13224, a counterterrorism authority, for having acted or purported to act for or on behalf of Bank Melli.
The department stated that Bank Melli has facilitated billions of dollars in transactions through accounts controlled by Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), including funds used to support Iranian-aligned proxies and partners in Iraq. Taeedi is subject to secondary sanctions and was designated under counterterrorism and Iran-related authorities. Additionally, Kameng Trading Limited, a Hong Kong-based company established in July 2024, was designated under an Iran-related executive order.
The Treasury reported that Kameng assisted sanctioned Iranian individuals in accessing the international financial system and was utilized by Pedram Pirouzan Exchange House, also known as Opal Exchange, to launder money for Iran. Kameng was designated under Executive Order 13902 for operating in Iran's financial sector.
These actions were part of broader US efforts targeting Banque Misr's operations in the United Arab Emirates over alleged support for Iranian shadow-banking networks. The Treasury estimated that Banque Misr UAE processed approximately $1.8 billion between January 2024 and June 2026 for 103 companies potentially linked to Iranian shadow-banking networks.
FinCEN proposed prohibiting US financial institutions from maintaining correspondent accounts for Banque Misr UAE, while clarifying that the measure applies solely to its UAE operations and not to Banque Misr's activities in other countries.
'Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime,' Treasury Secretary Scott Bessent stated to the Financial Times. 'We also warned that Iran's enablers cannot continue to enjoy access to the US dollar and the global financial system. Banque Misr UAE decided to find out the hard way and, today, we are taking the first step in holding it accountable for its continued, egregious support of the Iranian regime.'