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1st LD: U.S. sanctions 9 Iranian individuals, entities over currency exchange network

Xinhua,May 11, 2018 Adjust font size:

WASHINGTON, May 10 (Xinhua) -- U.S. Department of the Treasury said on Thursday that it has imposed sanctions against nine Iranian individuals and entities in a bid "to disrupt an extensive currency exchange network in Iran and the UAE."

The decision came on the heels of U.S. President Donald Trump's announcement to withdraw the country from the historic Iran nuke deal.

In an announcement, the Treasury said "the United States and the United Arab Emirates (UAE) jointly took action to disrupt an extensive currency exchange network in Iran and the UAE that has procured and transferred millions in U.S. dollar-denominated bulk cash to Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) to fund its malign activities and regional proxy groups."

The Iranian government and its Central Bank "have abused access to entities in the UAE to acquire U.S. dollars to fund the IRGC-QF's malign activities," Treasury Secretary Steven Mnuchin said in the statement.

It added that due to Trump's decision to cease the U.S. participation in the Joint Comprehensive Plan of Action (JCPOA), "as of August 7, 2018, the United States Government will re-impose sanctions on the purchase or acquisition of U.S. dollar banknotes by the Government of Iran." Enditem

 

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