US will pressure Malaysia to block Iran from accessing funds

Top U.S. Treasury officials will travel to Singapore and Malaysia next week to urge the two Asian trade hubs to do more to stop the flow of funds to Iran and its affiliated armed groups.

The US Treasury has noticed that more money is reaching the regime in Tehran through the Malaysian financial system, Reuters reported on Friday, citing an anonymous source.

The Iranian regime has made the most of its friendly relations with Malaysia in recent years. Large quantities of U.S.-sanctioned Iranian oil sold to China were labeled as Malaysian oil, routed through middlemen and transferred from ship to ship in international waters, according to oil tracking companies. oil companies, with little resistance from the Malaysian authorities.

Ship-to-ship transfers are Iran's preferred method of trying to hide its oil shipments, with cargoes rebranded as oil from other countries and sold primarily to small refineries in China.

During their visit to Malaysia next week, Neil MacBride and Brian Nelson, general counsel to the U.S. Treasury and undersecretary for terrorism and financial intelligence, are expected to make clear to Malaysian authorities that helping Iran circumvent oil sanctions and access to funds could result in sanctions. for persons or entities involved in such activities.

Iranian officials pride themselves on their ability to circumvent sanctions through front companies, multiple layers of middlemen and at high cost, involving heavy payments to middlemen arranging shipments and laundering money.

Last year, the US Treasury sanctioned Hossein Hatefi Ardakani for overseeing a transnational procurement network spanning the Middle East and East Asia. Ardekani was accused of purchasing servo motors, inertial navigation equipment and other items for Iran's drone program through front companies in Malaysia, Hong Kong and others.

Their efforts have been aided significantly in recent years by the Biden administration's reluctance to antagonize Iranian leaders. However, this trend seems to have eased more recently, particularly after October 7.

Last December, the US Treasury imposed sanctions on four Malaysia-based companies that it accused of aiding Iranian drone production. A number of new sanctions have also been introduced to cut off financial flows to Iran, which U.S. officials say is fueling instability in the Middle East.

Critics of the Biden administration say the abandonment of Donald Trump's maximum pressure policy has not only encouraged the Iranian regime to adopt a clearly more aggressive foreign (and nuclear) policy, but also enabled the Revolutionary Guard (IRGC) to implement these policies with more money in their budget. coffers.

Biden officials have repeatedly rejected the accusations, saying the administration has sanctioned more than 600 individuals and entities, including Iran. Hamas, Hezbollah, Houthis and Kataib Hezbollah. Biden says his Treasury Department will impose sanctions that will further degrade Iran's military industries. »

In response, the president's opponents and critics point out that sanctions are only effective if (and if) they are applied rigorously and widely. Iran's largest trading partner and main buyer of oil is China. Many experts say it is difficult, if not impossible, for a U.S. administration to sanction China. And without China, no sanctions regime would have a significant impact on the Iranian regime.

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