Washington, May 08, 2024
WASHINGTON — Today, in light of intensified terrorist activity in the Middle East, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Advisory to assist financial institutions in detecting potentially illicit transactions related to Islamic Republic of Iran-backed terrorist organizations. The Advisory highlights the means by which certain terrorist organizations receive support from Iran and describes several typologies these terrorist organizations use to illicitly access or circumvent the international financial system to raise, move, and spend funds. It also provides red flags that may assist financial institutions in identifying related suspicious activity.
“Terrorist organizations and activity supported by and aligned with Iran should not benefit from access to the U.S. or international financial systems,” said FinCEN Director Andrea Gacki. “As we witness continuing instability and violence in the Middle East, we are issuing this Advisory to help financial institutions protect the financial system from abuse by terrorists and to encourage financial institutions to stay vigilant in identifying and reporting related suspicious activity.”
“Iran continues to explore new ways to fund its dangerous and destabilizing activities, including the proliferation of dangerous weapons, malicious cyber activities, and financing of terrorist proxies in the region,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “As the Office of Terrorism and Financial Intelligence marks its twentieth anniversary, we reaffirm our commitment to constrain the ability of Iran and its terrorist proxies to exploit the international financial system.”
Recent events have underscored Iran’s involvement in and financing of terrorist activity in the region. Iran seeks, among other goals, to project power by exporting terrorism throughout the Middle East and beyond by financing a range of regional armed groups, some of which are U.S.-designated Foreign Terrorist Organizations or Specially Designated Global Terrorist organizations. These terrorist organizations include Lebanese Hizballah, Hamas, the Palestinian Islamic Jihad, the Houthis, and several Iran-aligned militia groups in Iraq and Syria.
The full advisory is available online at FIN-2024-A001.
Source – Financial Crimes Enforcement Network