US Blacklists Turkish Bank Accused of Laundering Iran's Oil Money
A Turkish bank and two of its subsidiaries have been blacklisted by the US Treasury Department for allegedly helping Iran's Islamic Revolutionary Guard Corps (IRGC) Quds Force move tens of millions of dollars through Turkey's financial system.
The Office of Foreign Assets Control (OFAC) designated Istanbul-based Golden Global Yatırım Bankası Anonim Şirketi and its two affiliates, Golden Global Varlık Kiralama Anonim Şirketi and Golden Global Portföy Yönetimi Anonim Şirketi. The bank was established to move Iranian oil revenue earned from sales to China back into Turkey, where it was converted into cash and gold through a network known as the Rahbar money exchange operation.
The designation notice states that Golden Global Bank knowingly provided correspondent banking access to Iranian financial institutions, enabling transactions through accounts tied to Turkish businessman Sıtkı Ayan and his companies. Ayan and his network were sanctioned by OFAC in 2022 for moving hundreds of millions of dollars connected to Quds Force oil sales.