FinCEN has released a Financial Trend Analysis (FTA) detailing nearly USD 9 billion in suspected Iranian shadow banking activity recorded in 2024. The report draws on information provided by US financial institutions and focuses on transactions that passed through US correspondent banking channels.
According to FinCEN, Iran continues to rely on a global web of intermediaries, such as foreign exchange houses and front companies, to circumvent international sanctions. These networks facilitate the sale of oil and other commodities, launder funds, and channel money to military programmes and regional proxy groups. The FTA found that many of these entities operate across the United Arab Emirates, Hong Kong, and Singapore, often using oil, shipping, investment, or technology firms as fronts for transactions.
FinCEN highlights cross-border networks
FinCEN officials stated that mapping these shadow networks is crucial to understanding how Iran moves money across jurisdictions. They added that the public release of this analysis aims to alert financial institutions to these schemes and to encourage closer scrutiny of cross-border transactions involving high-risk jurisdictions.
The findings suggest that foreign shell companies, which typically have little or no operational presence, accounted for about USD 5 billion of the total identified activity. Many of these firms appeared to operate outside the United States and acted as intermediaries for Iran-linked transactions. In addition, oil companies associated with Iranian interests were linked to roughly USD 4 billion in payments, primarily through firms based in the UAE and Singapore. Another USD 413 million in transactions involved entities suspected of acquiring export-controlled technology on Iran’s behalf.
FinCEN’s analysis complements earlier Treasury advisories, including a June 2025 report on illicit Iranian oil trade and weapons procurement networks. The agency said these efforts form part of a wider US campaign to limit Tehran’s access to international financing channels.
