Overview
- Speaking in Paris at the No Money for Terror conference after G7 finance meetings, Treasury Secretary Scott Bessent called for a united push to choke off Iran’s funding networks.
- He pressed European partners to designate key financiers, unmask shell and front companies, close bank branches tied to Tehran, and dismantle proxy operations.
- He asked governments in the Middle East and Asia to root out Iran’s shadow banking channels that move money outside formal oversight.
- Treasury will review and remove obsolete entries on the Specially Designated Nationals list, which blocks listed parties from the dollar system, to help banks focus on sophisticated terror-finance and sanctions-evasion schemes.
- The department’s Economic Fury campaign targets shadow banking and has frozen nearly $500 million in cryptocurrency linked to Iran’s regime, according to recent U.S. actions described by officials.