Guard currency network

WASHINGTON: The US Treasury together with the United Arab Emirates announced action to disrupt an alleged “large scale” currency exchange network run by Iran’s powerful Islamic Revolutionary Guard Corps.

In the first such action since President Donald Trump withdrew from the Iran nuclear accord on Tuesday, the Treasury announced sanctions against six Iranian individuals and three companies tied to the IRGC who were part of the network, which it said handled “hundreds of millions” of dollars in exchange transactions.

The Treasury also singled out Iran’s central bank as “complicit” in the IRGC operation, alleging the bank gave the operation access to funds held in offshore bank accounts.—AFP