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Treasury Department Tells US Banks to Flag Suspected Iranian Money-Laundering Networks

A general view of the Treasury Building on day two of a partial government shutdown in Washington, DC, US, February 1, 2026. (Reuters)
A general view of the Treasury Building on day two of a partial government shutdown in Washington, DC, US, February 1, 2026. (Reuters)
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Treasury Department Tells US Banks to Flag Suspected Iranian Money-Laundering Networks

A general view of the Treasury Building on day two of a partial government shutdown in Washington, DC, US, February 1, 2026. (Reuters)
A general view of the Treasury Building on day two of a partial government shutdown in Washington, DC, US, February 1, 2026. (Reuters)

The Treasury Department wants US banks and other financial institutions to monitor for suspected Iranian money laundering networks that use their funds to smuggle sanctioned oil through shell companies and crypto networks.

The move, which effectively deputizes the global financial system to help disrupt Iran’s sanctions-evasion infrastructure, comes as the US and Iran reached another impasse over how to end their war while their ceasefire has grown increasingly shaky.

President Donald Trump on Monday said the Iran ceasefire is on “life support” after he rejected Tehran’s latest proposal to end the war.

The Trump administration is calling on banks to flag certain customers who may launder funds for Iran’s Revolutionary Guard, including newly formed companies moving unusually large amounts of money, firms that route payments through multiple intermediaries or transactions connected to Iranian crypto firms, among other indicators.

As part of the US initiative to monitor Iranian oil sales, banks are being asked to watch out for oil labeled as “Malaysian blend” to disguise its Iranian origin, missing or falsified shipping documents or ship-to-ship oil transfers that obscure where cargo came from.

A Treasury Financial Crimes Enforcement Network report released Monday says oil firms linked to Iran conducted roughly $4 billion in transactions in 2024.

And dozens of shipping companies based in Iraq, the United Arab Emirates and Hong Kong — all connected to transporting sanctioned Iranian oil — processed about $707 million through US accounts in 2024.

Along with a bombing campaign in Iran, the Trump administration has turned toward an economic-focused effort aimed at choking Tehran into submission, through sanctions and the threat of secondary sanctions on Iran's allies.

In April, Treasury sent a letter to financial institutions in China, Hong Kong, and others threatening to levy secondary sanctions for doing business with Iran and accusing those countries of allowing Iranian illicit activities to flow through their financial institutions.

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World

Trump Bluntly Tells JD Vance to Shift Focus from Iran to Targeting ‘Corruption and Crime’ at Home

US Vice President JD Vance speaks at the 2nd Marine Aircraft Wing’s annual Marine Corps Birthday Ball in New Bern, North Carolina, US, November 12, 2026. (Reuters)
US Vice President JD Vance speaks at the 2nd Marine Aircraft Wing’s annual Marine Corps Birthday Ball in New Bern, North Carolina, US, November 12, 2026. (Reuters)
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Trump Bluntly Tells JD Vance to Shift Focus from Iran to Targeting ‘Corruption and Crime’ at Home

US Vice President JD Vance speaks at the 2nd Marine Aircraft Wing’s annual Marine Corps Birthday Ball in New Bern, North Carolina, US, November 12, 2026. (Reuters)
US Vice President JD Vance speaks at the 2nd Marine Aircraft Wing’s annual Marine Corps Birthday Ball in New Bern, North Carolina, US, November 12, 2026. (Reuters)

President Donald Trump on Thursday directed Vice President JD Vance to shift his focus away from the Iran war and instead devote himself to fighting what the president says is corruption and crime in Democratic-controlled cities and states.

Vance, who served as the lead negotiator for a short-lived truce in the eight-month old war, has been blunt in blaming the war — and the economic reverberations it has caused — for Republicans' sweeping losses in last week's midterm elections in the United States.

But Trump brusquely told the vice president in a social media post Thursday to shift his energies away from the Iran war to what he argues is a more pressing — and perhaps more politically salient — issue after Republicans were trounced at the polls.

“We don’t need a deal with Iran,” Trump said in the post. “Those days have long since passed. We’ve got their money, Hundreds of Billions of Dollars, and we’ve got their Strait!”

Trump earlier this week said he believed the war “militarily is effectively over,” and appeared to double down on that message by pointedly directing Vance “to focus his complete and total attention” on his anti-fraud campaign.

Democrats have promised intense oversight of Trump's business dealings and other targets when they take control of Congress in January after voters identified corruption as one of their top concerns. Trump's post about Vance and the Iran war was, in part, responding to a flurry of reports about Democrats' plans.

But it also came after The Wall Street Journal reported Wednesday evening that Vance was weighing engaging in a new round of direct talks with a senior Iranian official.

The vice president's office did not respond to a request for comment.

The White House press office, in an email, responded to a query by highlighting that Trump made clear in his post that he sees no need to negotiate with Iran.

Vance blamed Trump's Iran war for midterm losses

Vance, who had long advocated for restraint in US military interventions overseas, was lukewarm in his defense of the conflict after Trump launched it and became the face of an unsuccessful attempt to end the fighting when he headed up negotiations over the summer.

Following the Nov. 3 losses, Vance wrote a lengthy post on X in which he didn't mince words about the political impact of the conflict.

“If you’d like to argue it was worth it, that losing the Senate for the next 6 years was worth it, then do so," Vance said. “Argue it was a worthwhile cost to pay. Agree or disagree, that’s at least honest.”

The vice president is considering whether to launch a 2028 run for the White House. Voter dissatisfaction with Trump's handling of the war could weigh down those ambitions.

The president has yet to endorse a successor for the 2028 race. In a CBS “60 Minutes” interview that aired Sunday, the president said he “may or may not get involved” in offering an endorsement.

Trump earlier this week said that he believed that mediation efforts led by Qatar are making progress and that it was unlikely he would need to make good on earlier threats to restart the full-scale bombardment of Iran after he was past the midterm elections.

The president said in an interview on “The Hugh Hewitt Show” on Thursday that he stood ready to restart strikes if necessary. “If something doesn’t work out, I would not hesitate,” he said.

Separately, in an interview with commentator Stephen A. Smith, Trump suggested he hasn't ruled out carrying out strikes on Iran’s Pickaxe Mountain, a facility linked to Iran's nuclear program, if the US detects signs of activity at the facility.

World

Military Helicopter Crashes in Southern Türkiye, Killing 4

Rescuers and security officers examine the wreckage of an ambulance helicopter after it collided with a hospital building and crashed into the ground, in Mugla, Türkiye, December 22, 2024. REUTERS/Kenan Gurbuz Purchase
Rescuers and security officers examine the wreckage of an ambulance helicopter after it collided with a hospital building and crashed into the ground, in Mugla, Türkiye, December 22, 2024. REUTERS/Kenan Gurbuz Purchase
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Military Helicopter Crashes in Southern Türkiye, Killing 4

Rescuers and security officers examine the wreckage of an ambulance helicopter after it collided with a hospital building and crashed into the ground, in Mugla, Türkiye, December 22, 2024. REUTERS/Kenan Gurbuz Purchase
Rescuers and security officers examine the wreckage of an ambulance helicopter after it collided with a hospital building and crashed into the ground, in Mugla, Türkiye, December 22, 2024. REUTERS/Kenan Gurbuz Purchase

A military helicopter crashed in southern Türkiye on Thursday, killing four personnel, the Turkish Defense Ministry said.

The aircraft crashed for unknown reasons in Samankoy, a neighborhood on the southern outskirts of the provincial capital Malatya in the early evening.

“As a result of an accident involving our S-70 helicopter in Malatya, for a reason not yet determined, 4 of our heroic comrades-in-arms aboard the helicopter were martyred,” the ministry said in a social media post.

“We pray that God will have mercy on our martyrs and offer our condolences and prayers for strength to their grieving families, our Turkish Armed Forces, and our noble nation.”

According to The Associated Press, TV images showed the wreckage of the helicopter burning near a cluster of buildings in an otherwise open area of land. The Demiroren News Agency reported that flames had spread to a nearby house but reported no casualties on the ground.

Police, firefighters and medical teams were dispatched to the crash.

World

Trump Says US Does Not Need Iran Deal

US President Donald Trump and Vice President JD Vance look on during a Veterans Day ceremony at Arlington National Cemetery in Arlington, Virginia, US, November 11, 2026. REUTERS/Kylie Cooper
US President Donald Trump and Vice President JD Vance look on during a Veterans Day ceremony at Arlington National Cemetery in Arlington, Virginia, US, November 11, 2026. REUTERS/Kylie Cooper
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Trump Says US Does Not Need Iran Deal

US President Donald Trump and Vice President JD Vance look on during a Veterans Day ceremony at Arlington National Cemetery in Arlington, Virginia, US, November 11, 2026. REUTERS/Kylie Cooper
US President Donald Trump and Vice President JD Vance look on during a Veterans Day ceremony at Arlington National Cemetery in Arlington, Virginia, US, November 11, 2026. REUTERS/Kylie Cooper

President Donald Trump said on Thursday the US does not need a deal with Iran and directed Vice President JD Vance, who has played a role in efforts to resolve the war, to focus "his complete and total attention" on alleged crime and corruption in Democratic-run cities and states.

Trump's directive came a day after the Wall Street Journal reported that Vance was considering face-to-face peace talks with a hard-line Iranian security official and a week after the vice president blamed the costly war with Iran for Republicans' midterm elections drubbing.

Trump's comments marked a shift in tone after he had suggested ⁠in recent weeks ⁠that Iran would be more willing to strike a deal in the eight-month conflict after the US elections.

"We don’t need a deal with Iran. Those days have long since passed. We’ve got their money, Hundreds of Billions of Dollars, and we’ve got their Strait!" Trump wrote on social media, referring to the Strait of Hormuz, the critical ⁠shipping route near Iran where the US military has been working to secure safe passage for international shipping.

Trump said he asked Vance to focus instead on a domestic issue the president previously put in his portfolio: leading an effort targeting alleged fraud in Democratic-run cities and states throughout the US.

"Our Budget could be quickly BALANCED with the correction of this large-scale criminal activity. CORRUPTION is in the Democrat Leadership’s blood!" Trump wrote on Thursday.

Vance's office did not immediately respond to a request for comment.

The Wall Street Journal reported on Wednesday that ⁠Vance was considering ⁠meeting with a senior Iranian security official, a move that would have put Vance at the center of peace negotiations. Reuters has not confirmed the potential talks.

Vance, who is viewed as a leading contender for the 2028 Republican presidential nomination, distanced himself from the war last week after Republicans' midterm election rout by Democrats.

The vice president blamed the costs of the Iran war in part for the party's losses. He also said an earlier recommendation to end the war was "sound advice."

Trump responded to Vance's position by defending the war as necessary to stop Iran from obtaining a nuclear weapon.