U.S. Secretary of the Treasury Scott Bessent recently spearheaded a significant event in Washington, D.C., aimed at blocking Iran's access to global financial networks. This initiative brought together 16 key global financial institutions alongside federal law enforcement agencies. The meeting marked the first session of FinCEN's "Iran Maximum Pressure and Counter Terrorism" (IMPACT) Exchange series and concentrated on Iran's extensive global oil and shadow banking arrangements.
The event is a part of Treasury's efforts to execute President Trump's National Security Presidential Memorandum-2 (NSPM-2). The memorandum outlines the U.S. policy to apply maximum pressure on Iran to terminate its nuclear ambitions, limit its ballistic missile activities, and cease support for terrorist organizations.
"As Treasury Secretary, I want to assure the American people that I am fully committed to using every available tool to prevent Iran and its terrorist proxies from gaining access to the U.S. dollar and the broader international financial system," said Treasury Secretary Scott Bessent. He further emphasized his message to financial institutions worldwide: "safeguard your institutions from being exploited by this malign network, so you can continue to serve your legitimate clients with integrity."
During this session, participants gained insights into the challenges of adhering to U.S. sanctions against Iran and dealing with Iran's global oil and shadow banking evasion networks. Shadow banking systems allow sanctioned Iranian entities to penetrate the international financial sector and mask their trade activities with international customers. Financial leaders, alongside law enforcement and Treasury officials, discussed effective measures and shared investigative insights to fortify the U.S. financial system against misuse and terrorist threats.
The FinCEN Exchange is a legally sanctioned voluntary public-private collaboration involving stakeholders from the financial sector and law enforcement. Since its inception in 2017 and subsequent integration into the Anti-Money Laundering Act of 2020, the program has aimed to enhance national security by addressing money laundering and related crimes through productive public-private dialogues.
