The United States is further countering Iran’s destabilizing activities by designating an international illicit financial network, along with several individuals and entities based in Hong Kong and the United Arab Emirates. These networks have facilitated the sale of Iranian oil, with proceeds benefiting Iran’s Islamic Revolutionary Guard Corps Qods Force (IRGC-QF) and Ministry of Defense and Armed Forces Logistics (MODAFL). Iranian “shadow banking” networks like these, run by trusted illicit financial facilitators, abuse the international financial system, and evade sanctions by laundering money through overseas front companies and cryptocurrency. These are the second round of sanctions targeting Iran’s shadow banking infrastructure since President Donald Trump issued National Security Presidential Memorandum 2, directing a campaign of maximum pressure on Iran. “Iranian entities rely on shadow banking networks to evade sanctions and move millions through the international financial system,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence John Hurley.