The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury, revealed that nearly USD 9 billion in parallel financial activity linked to Iran flowed through American bank accounts during 2024.
The finding was released Thursday as part of what the agency described as a new analysis intended to bolster President Donald Trump’s “maximum pressure” campaign against Tehran.
According to the report, Iran relies on parallel banking networks involving local exchange companies inside the country and foreign entities to circumvent US sanctions, sell oil abroad, launder money, fund its regional proxies, and support its military and weapons development programs.
These shadow financial networks are a critical enabler of Iran’s destabilizing activities, according to FinCEN Director Andrea Gacki. She noted that identifying them was an essential part of efforts to cut off funding for Iran’s military programs and terrorist proxies. She added that the report aims “to raise awareness among financial institutions worldwide.”
The report details how Iranian-linked networks operate across continents through front companies, particularly in the United Arab Emirates, Hong Kong, and Singapore. These entities span the oil, investment, shipping, and technology sectors, conducting billions of dollars in transactions with counterparties that may or may not be aware of the illicit nature of the activity.
Foreign front companies played the most significant role, according to the report, handling around USD 5 billion in transactions during 2024. FinCEN identified dozens of oil firms acting as Iranian fronts - most based in the UAE and Singapore - that moved nearly USD 4 billion last year.
The report also notes that Iranian-affiliated technology procurement firms received approximately USD 413 million in payments to acquire export-controlled technologies.
This analysis comes as the Trump administration continues its renewed maximum pressure campaign launched in February, aimed at preventing Iran from developing nuclear weapons and ballistic missiles, and depriving it of resources to fund military operations and regional proxies.
In New York, US Ambassador Mike Waltz said at the UN Security Council that because of tough action on Iranian proxies, there’s now a historic opportunity across the region.
“The United States supports and has supported the re-imposition of UN snapback sanctions on the Iranian regime. The regime will continue to face consequences as long as it does not leave its path of destruction,” he told a Council debate on the Middle East.