Dubai - Mubasher: The United States of America (USA) and the United Arab Emirates (UAE) have broken up a network funneling illegal funds to Iran, as reported by Reuters on Thursday citing a senior American official.
The move comes as part of the efforts by the American administration to reimpose sanctions on Tehran, since President Donald Trump decided back in May to withdraw from the Iran nuclear deal.
The Trump administration seeks to further apply measurements to restrict Iranian trade and access to foreign exchange in the region, with the help of the Emirati government.
“We jointly disrupted a currency exchange network that was transferring millions of dollars to Iran’s Islamic Revolutionary Guards Corps’ Quds Force,” said the undersecretary for terrorism and financial intelligence at the US treasury, Sigal Mandelker.
Currency exchanges had used the UAE financial system to transfer cash out of Iran and convert it into US dollars for use by Iranian-supported proxy groups in the region, until the network was reportedly dismantled in May, Mandelker explained.
Last month, the Central Bank of the UAE announced it had restricted the operations of seven currency exchange houses for unspecified violations of anti-money laundering and other regulations.