US calls on allies to crack down on Iran’s financial networks

US Treasury Secretary Scott Bessent has called on America’s allies to intensify efforts to disrupt Iran’s financing networks, urging coordinated international action against entities linked to Tehran, Iran International reports.

“That will require, for example, our European partners to join the United States in taking action against Iran by designating its financiers, unmasking its shell and front companies, shuttering its bank branches, and dismantling its proxies,” Bessent said.

He added that countries in the Middle East and Asia should also “root out Iran’s shadow banking networks.”

“To sharpen national security outcomes, Treasury is tailoring our sanctions program for the 21st century. We are reviewing outdated and obsolete designations to help financial institutions focus on the most sophisticated terrorist financing and sanctions evasion schemes,” Bessent said.

By Vafa Guliyeva