Iranian Funds Worth Billions Still Flowing Through US Banks
Billions of dollars linked to Tehran continue to flow through the US banking system each year despite extensive American sanctions aimed at cutting Iran off from global finance, according to an investigation by the Wall Street Journal.
Approximately $9 billion of Iranian funds passed through US accounts in 2024 via correspondent banking, a long-established system that allows banks in different countries to settle transactions and access the US dollar network.
The report found that Iranian entities are able to reach the system indirectly through foreign companies and financial institutions that maintain relationships with US banks.
US authorities are stepping up pressure on foreign financial institutions suspected of helping Tehran circumvent sanctions, including a recent Treasury investigation that identified the UAE branch of Egypt's Banque Misr as having facilitated $1.8 billion in transactions for Iranian shadow networks.