Operation Economic Outcast Takes Unprecedented Action Against Sanctions Evasion Network Used by Iran

Today, as part of Operation Economic Outcast, the U.S. Department of the Treasury took unprecedented action against the A7 Network, a shadow banking network with ties to Russia used by the Iranian regime to evade sanctions. Treasury's Financial Crimes Enforcement Network (FinCEN) proposed a rule that would prohibit transmittals of funds regarding transactions involving the A7 Network's Sub-Agents. Additionally, FinCEN issued an Alert to help financial institutions detect and report suspicious activity related to the A7 Network. Treasury's Office of Foreign Assets Control also sanctioned the A7 Network as a significant transnational criminal organization.

Resources

• Treasury Press Release
• FinCEN Notice of Proposed Rulemaking
• FinCEN Alert on the A7 Network

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