US Treasury Department tells banks to flag suspected Iranian money-laundering networks

The US Treasury Department has instructed American banks and financial institutions to identify and report suspected Iranian money-laundering networks. These networks are reportedly using illicit funds to smuggle sanctioned oil through shell companies and cryptocurrency. This directive aims to disrupt Iran's sanctions-evasion infrastructure by leveraging the global financial system. The announcement coincides with a period of strained relations between the US and Iran, with President Trump stating the ceasefire is on "life support" after rejecting Tehran's latest proposal. The Treasury's action is a proactive measure to counter Iran's financial activities.