The U.S. Department of the Treasury sanctioned on Friday a Turkish investment bank and two subsidiaries for allegedly helping Iran move tens of millions of dollars internationally on behalf of the Islamic Revolutionary Guard Corps-Quds Force.
The department designated Istanbul-based Golden Global Yatirim Bankasi Anonim Sirketi, or Golden Global Bank, accusing it of providing Iran with critical correspondent banking access and facilitating transactions for the IRGC-QF, the Islamic Revolutionary Guard Corps’ foreign-operations arm.
Treasury said Golden Global Bank was established to help Iran’s so-called rahbar network transfer oil revenue from China to Turkey, where it could be converted into cash and gold through rahbar money exchangers.
Scott Bessent, the U.S. treasury secretary, stated that “financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast,” the Trump administration’s campaign aimed at cutting off the networks and financial channels Iran uses to smuggle oil, evade sanctions and fund terrorist proxies.
“While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the murderous Iranian regime,” he said. “We know who you are, we know where you are and we will continue to take action together with our allies and partners until we have buried the head of the Iranian snake.”
According to Treasury, Golden Global knowingly provided correspondent banking services to Iranian financial institutions, allowing transactions through accounts controlled by the IRGC-QF and its proxies. Those included accounts linked to Turkish businessman Sitki Ayan and his companies, which the department sanctioned in 2022 for facilitating hundreds of millions of dollars in Iranian oil sales for the IRGC-QF.
Treasury also sanctioned two Turkey-based subsidiaries controlled by Golden Global Bank: Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi.
Iran relies on multinational shadow-banking networks to move money abroad and access U.S. dollar correspondent banking relationships, Treasury said. The networks help Iran launder funds, procure weapons and finance regional terrorist proxy groups.
