US Targets Turkish Bank Over Alleged Role in Iran's Financial Networks
The U.S. Treasury Department has taken aim at Iran's financial networks by sanctioning Turkey-based Golden Global Yatirim Bankasi and two of its subsidiaries, accusing them of helping facilitate transactions linked to Iran's Revolutionary Guard.
The sanctions target the bank for providing correspondent banking services that allowed Iranian financial institutions to move money internationally.
According to U.S. officials, Golden Global helped a network used by Iran to transfer proceeds from oil sales in China to Turkey, where money exchangers could convert the funds into cash and gold.
The Treasury Department said this was part of Iran's wider shadow-banking system, which Washington says Tehran uses to move revenue abroad despite restrictions on its access to the international financial system.