The United States sanctioned an Iranian businessman, a Malaysian bank and a network of front companies Thursday for funneling billions of dollars on behalf of Tehran to allow it to circumvent sanctions, DPA reported.
The US Treasury Department added to the sanctions list businessman Babak Zanjani, Malaysia's First Islamic Investment Bank (FIIB) and Dubai-based Sorinet Commercial Trust Bankers along with Swiss-based Iranian oil trading company National Iranian Oil Company.
They are accused of money laundering for the Iranian regime and its Islamic Revolutioanry Guards Corps.
The sanctions prohibit US citizens and companies from doing business with the entities and freeze any assets held in US banks.