United States and United Arab Emirates Disrupt Large Scale Currency Exchange Network

May 10, 2018

Publication: 

U.S. Department of the Treasury Press Release

Related Country: 

  • United Arab Emirates
  • United States

The U.S Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated nine Iranian entities for supporting a currency exchange network that transferred millions of U.S. dollars to the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). Among those designated were Mas’ud Nikbakht, Sa’id Najafpur, and Mohammad Hasan Khoda’i. The latter two were employees of the also designated IRGC-QF front company, Jahan Aras Kish, which was used to facilitate access to oil revenue in foreign bank accounts belonging to the Central Bank of Iran. Mohammadreza Khedmati Valadzaghard, Meghdad Amini, and Foad Salehi were designated for transferring money from Iran to the United Arab Emirates (UAE) and converting it to U.S. Dollars using the also designated Rashed Exchange. A third company, Khedmati and Company Joint Partnership, was designated for its connection to Khedmati and Khoda’i. The U.S. action was taken jointly with the UAE.