US Treasury sanctions Hong Kong firm over alleged Iran money laundering links

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The U.S. Treasury Department sanctioned Hong Kong-based Kameng Trading Ltd for allegedly laundering funds on behalf of the Pedram Pirouzan Exchange House, an Iranian entity. This action was part of the newly announced "Economic Outcast" operation, which expands secondary sanctions against jurisdictions supporting Tehran's financial sector. Kameng Trading Ltd, incorporated in July 2024 with director Musthafa Azheekkodantakath, was identified by the U.S. as a front company facilitating Iranian access to the international financial system.

Consequences

The new sanctions on this and other Chinese entities prompted Beijing to vow retaliation. These diplomatic tensions occurred shortly before an expected visit to the U.S. by Chinese President Xi Jinping.

Sources

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