KABUL: The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has warned that foreign financial institutions conducting transactions with Iran or its financial sector could face U.S. sanctions without prior notice.
OFAC urged financial institutions to halt transactions with sanctioned Iranian banks and take necessary measures to prevent the activities of Iran’s “shadow banking” network.
The U.S. Treasury Department said foreign institutions that help the Iranian government gain access to the international financial system face a serious risk of secondary sanctions.