Washington Tracks New Iranian ‘Shadow Banking’ Activity

An illustration showing the Iranian flag, a US dollar banknote, and miniature models of oil pipelines and barrels (Reuters)
An illustration showing the Iranian flag, a US dollar banknote, and miniature models of oil pipelines and barrels (Reuters)
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Washington Tracks New Iranian ‘Shadow Banking’ Activity

An illustration showing the Iranian flag, a US dollar banknote, and miniature models of oil pipelines and barrels (Reuters)
An illustration showing the Iranian flag, a US dollar banknote, and miniature models of oil pipelines and barrels (Reuters)

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.



Greek Parliament Approves Purchase of Rocket Systems from Israel

A PULS multiple rocket launcher miniature and artillery rockets by Israeli Elbit Systems is exhibited at the DEFEA Defense Exhibition, in Athens, Greece, May 8, 2025. REUTERS/Louiza Vradi Purchase Licensing Rights
A PULS multiple rocket launcher miniature and artillery rockets by Israeli Elbit Systems is exhibited at the DEFEA Defense Exhibition, in Athens, Greece, May 8, 2025. REUTERS/Louiza Vradi Purchase Licensing Rights
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Greek Parliament Approves Purchase of Rocket Systems from Israel

A PULS multiple rocket launcher miniature and artillery rockets by Israeli Elbit Systems is exhibited at the DEFEA Defense Exhibition, in Athens, Greece, May 8, 2025. REUTERS/Louiza Vradi Purchase Licensing Rights
A PULS multiple rocket launcher miniature and artillery rockets by Israeli Elbit Systems is exhibited at the DEFEA Defense Exhibition, in Athens, Greece, May 8, 2025. REUTERS/Louiza Vradi Purchase Licensing Rights

Greek lawmakers approved late on Thursday the purchase of 36 PULS rocket artillery systems from Israel for about 650 million euros ($757.84 million), two officials with knowledge of the issue told Reuters.

Greece has said it will spend about 28 billion euros ($32.66 billion) by 2036 to modernize its armed forces as it emerges from a 2009-2018 debt crisis and tries to keep pace with its historic rival Türkiye.

"In a closed session, the parliament's defense committee approved the purchase of PULS," a senior official with knowledge of the issue told Reuters. A second official confirmed the parliament's approval, adding that the cost would be around 650 to 700 million euros. Reuters reported in November that Greece was in talks with Israel for the systems.

Greece and Israel have strong economic and diplomatic ties, have conducted several joint exercises in recent years, and operate an air training center in southern Greece.

Greece is also in talks with Israel to develop a 3 billion euro anti-aircraft and missile defense dome.

The PULS system, made by Israel's Elbit, has a range of up to 300 km (190 miles) and will help protect Greece's northeastern border with Türkiye and Greek islands in the Aegean, officials have said. The deal also includes the construction of components in Greece.

Greece and Türkiye, NATO allies, have long been at odds over issues including where their continental shelves start and end, energy resources, flights over the Aegean, and the ethnically partitioned island of Cyprus.


Flooding Kills Two as Vietnam Hit by Dozens of Landslides

Deadly flooding inundated thousands of homes in Vietnam's Lam Dong province in what authorities say is a record-breaking year of natural disasters. Quoc Nguyen / AFP
Deadly flooding inundated thousands of homes in Vietnam's Lam Dong province in what authorities say is a record-breaking year of natural disasters. Quoc Nguyen / AFP
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Flooding Kills Two as Vietnam Hit by Dozens of Landslides

Deadly flooding inundated thousands of homes in Vietnam's Lam Dong province in what authorities say is a record-breaking year of natural disasters. Quoc Nguyen / AFP
Deadly flooding inundated thousands of homes in Vietnam's Lam Dong province in what authorities say is a record-breaking year of natural disasters. Quoc Nguyen / AFP

Heavy rain in Vietnam triggered flooding that killed at least two people and caused more than a dozen landslides, state media said Friday, adding to what authorities called the "most unusual" year of natural disasters in the country's history.

South-central Vietnam has been lashed by weeks of heavy rain, submerging hundreds of thousands of homes in coastal tourism hotspots and causing deadly landslides in mountainous regions.

Downpours inundated thousands more homes in Lam Dong province on Thursday and killed at least two people, the Voice of Vietnam news outlet reported.

It added that 16 landslides struck the province, damaging roads and bridges and forcing the evacuation of hundreds of homes.

Floodwaters up to two meters deep were still sloshing through Ham Thang commune in Lam Dong on Friday, resident Pham Thi Ngoc Yen told AFP, adding authorities were delivering food and water by boat.

"Our province has always been very safe from floods or typhoons. This year was so weird," she said.

"I hope that the water will recede a lot in the next two days so that our life can get back to normal."

Record year

"2025 has been the year with the most unusual natural disasters in history," Hoang Duc Cuong, deputy director of the environment ministry's meteorology and hydrology department, said in a statement Friday.

A total of 21 storms, including 15 typhoons and 6 tropical depressions, have affected Vietnam this year, the highest number since records began in 1961, according to the environment ministry's statement.

Vietnam is in one of the most active tropical cyclone regions on Earth, but in a typical year it is affected by around 10 typhoons or storms.

The country has also experienced extreme rainfall and widespread flooding this year, with rivers setting new high-water marks from the northern regions through central and down to the lower Mekong Delta.

"Never before have such exceptionally large and historical floods occurred simultaneously in one year on 20 rivers," the environment ministry said.

One area of central Vietnam recorded up to 1,739 millimeters (5.7 feet) of rain in just 24 hours.

Elsewhere in Asia, devastating floods in recent days have killed more than 1,500 people and displaced hundreds of thousands across four countries, including Indonesia and Sri Lanka.

In Vietnam, natural disasters have left more than 400 people dead or missing this year and caused more than $3.6 billion in damage, according to the ministry.

The Southeast Asian nation is prone to heavy rain between June and September, but scientists have identified a pattern of human-driven climate change making extreme weather more frequent and destructive.


Israel Sets 2026 Defense Budget at $34 Billion Despite Ceasefire in Gaza

FILED - 25 June 2024, Israel, Jerusalem: Israeli Defense Minister Israel Katz is pictured during an event in Jerusalem. Photo: Hannes P Albert/dpa
FILED - 25 June 2024, Israel, Jerusalem: Israeli Defense Minister Israel Katz is pictured during an event in Jerusalem. Photo: Hannes P Albert/dpa
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Israel Sets 2026 Defense Budget at $34 Billion Despite Ceasefire in Gaza

FILED - 25 June 2024, Israel, Jerusalem: Israeli Defense Minister Israel Katz is pictured during an event in Jerusalem. Photo: Hannes P Albert/dpa
FILED - 25 June 2024, Israel, Jerusalem: Israeli Defense Minister Israel Katz is pictured during an event in Jerusalem. Photo: Hannes P Albert/dpa

Israel's defense budget for 2026 has been set at 112 billion shekels ($34.63 billion), the defense minister's office said on Friday, up from 90 billion shekels budgeted in an earlier draft.

Defense Minister Israel Katz and Finance Minister Bezalel Smotrich agreed on the defense spending framework as the cabinet has begun debating next year's budget, which needs to be approved by March or could lead to new elections.

Ministers began what is usually a marathon session on Thursday ahead of a vote that could come early on Friday. If it passes, it heads to parliament for its initial vote.

Katz said the military will continue its to address the needs of its fighters and reduce the burden on reservists.

"We will continue to act decisively to reinforce the IDF and to fully address the needs of the fighters and to reduce the burden on reservists - in order to ensure the security of the State of Israel on every front," his office quoted him as saying.

The Gaza war has been costly for Israel, which spent $31 billion in 2024 on its military conflicts with Hamas and with Hezbollah in Lebanon.

Israel has since entered ceasefire deals with both militant groups.

Smotrich's office said that the 2026 defense budget has seen an increase of 47 billion shekels compared to 2023 on the eve of the war.

"We are allocating a huge budget to strengthen the army this year, but also one that allows us to return the State of Israel to a path of growth and relief for citizens,"
Smotrich said, according to his office.