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U.S. Treasury Sanctions ‘Large-Scale’ Iran Counterfeiting Ring

Claims Iran’s Islamic Revolutionary Guard Corps ran counterfeiting operations


 


Washington, Wall Street Journal, November 20, 2017 —The Trump administration on Monday imposed sanctions on what the Treasury Department describes as a “large-scale” Iranian counterfeiting ring that it says is run by the Islamic Revolutionary Guard Corps and potentially worth hundreds of millions of dollars.
The action against the network affiliated with the IRGC, an elite military wing that has taken over swaths of the Iranian economy, is part of a broader strategy by the administration of President Donald Trump to escalate sanctions pressure on Tehran.
Treasury officials said the network used deceptive means to bypass European export control restrictions, buying advanced equipment and materials to print counterfeit Yemeni bank notes potentially worth hundreds of millions of dollars for the IRGC and the group’s overseas branch, the Quds Force.
“This scheme exposes the deep levels of deception the IRGC-Quds Force is willing to employ against companies in Europe, governments in the Gulf, and the rest of the world to support its destabilizing activities,“ Treasury Secretary Steven Mnuchin said. ”Counterfeiting strikes at the heart of the international financial system, and the fact that elements of the government of Iran are involved in this behavior is completely unacceptable.”
Officials at Iran’s United Nations mission didn’t immediately respond to a request for comment.
As the U.S. considers upending a 2015 nuclear deal it criticizes as ineffectual, the administration is ramping up punitive actions outside the scope of the agreement. It is targeting the IRGC in particular, trying to loosen the group’s grip on power in the Persian nation, and is pressing its European allies to similarly squeeze Tehran.
“This counterfeiting scheme exposes the serious risks faced by anyone doing business with Iran, as the IRGC continues to obscure its involvement in Iran’s economy and hide behind the facade of legitimate businesses to perpetrate its nefarious objectives,” Mr. Mnuchin said.


 


 

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