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Updated On: Monday, 23 July 2018
Development Issues

US Sanctions Head of Iran's Central Bank

Content by: Voice of America

The United States has imposed sanctions on the head of Iran's central bank Valiollah Seif , accusing him of helping funnel millions of dollars to Lebanon-based militant group Hezbollah.

“Iran’s Central Bank Governor covertly funneled millions of dollars on behalf of the IRGC-QF (the Islamic Revolutionary Guard Corps-Quds Force ) through Iraq-based al-Bilad Islamic Bank to enrich and support the violent and radical agenda of Hezbollah," said Treasury Secretary Steve Mnuchin in a statment.

“The United States will not permit Iran’s increasingly brazen abuse of the international financial system. The global community must remain vigilant against Iran’s deceptive efforts to provide financial support to its terrorist proxies.”

Also blacklisted were Ali Tarzali, assistant director of the international department of Iran's central bank, and chairman of al-Bilad Islamic Bank, Aras Habib.

Mnuchin said the Tuesday action "cuts off Iran’s use of a critical banking network and follows last Thursday’s disruption of an IRGC-QF-associated currency exchange network procuring millions of dollars through the UAE."

The United States and the United Arab Emirates said the currency exchange network allowed hundreds of millions of dollars to be transferred to the IRGC-QF to fund its insurgent operations in the Middle East.

"These actions build upon President Trump’s May 8 decision to cease the United States’ participation in the Joint Comprehensive Plan of Action (JCPOA) and begin reimposing U.S. sanctions that had been lifted under the JCPOA, including against the Central Bank of Iran," Secretary Mnuchin said Tuesday, referring to the 2015 Iran nuclear agreement.

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