US Treasury offers whistleblower rewards for Iran sanctions evasion tips

He Lifeng: He Lifeng is the Chinese Vice Premier involved in high-level economic discussions with US counterparts. He is scheduled to meet Treasury Secretary Bessent ahead of planned talks between Presidents Donald Trump and Xi Jinping. The discussions address Iran's financial links among other topics. Banque Misr: Banque Misr is an Egyptian bank whose UAE operations have drawn US scrutiny for potential money laundering concerns linked to Iranian networks. FinCEN proposed barring those UAE branches from US correspondent banking access. The proposal remains under review and targets specific branches rather than the full institution. US Treasury: The US Department of the Treasury oversees federal financial policy, sanctions enforcement, and efforts to combat illicit finance. In this news, it is expanding its whistleblower rewards program to target Iran-related sanctions evasion and money laundering under Operation Economic Outcast. Treasury Secretary Scott Bessent has promoted the initiative publicly, including on social media. Scott Bessent: Scott Bessent serves as US Treasury Secretary and leads the Operation Economic Outcast campaign against Iranian financial networks. He publicly highlighted the new whistleblower incentives on X, emphasizing that awards are available regardless of location or employer affiliation. Bessent has also addressed foreign institutions and lawmakers about enforcement actions tied to the operation. Golden Global Bank: Golden Global Bank is a Turkey-based financial institution that was sanctioned by the US Treasury. The action alleged the bank facilitated transactions for Iran's Revolutionary Guards Quds Force and moved oil proceeds from China. The bank has denied the allegations and stated compliance with regulations. Iran International: Iran International is an independent media organization that obtained and reported on the FinCEN bulletin. Its reporting has also covered Iranian shadow banking networks and transaction flows through foreign banks. Financial Crimes Enforcement Network: FinCEN is a Treasury bureau focused on detecting and preventing money laundering, terrorist financing, and sanctions violations through financial intelligence. It issued the specific bulletin soliciting tips on Iranian proxies and facilitators, extending its existing whistleblower framework to Iran-related cases. The bulletin highlights potential evasion indicators in countries including the UAE, Turkey, Iraq, and China. Geographic Focus: The bulletin flags suspicious activity involving financial channels in the UAE, Turkey, Iraq, and China as priorities for tips. Sanctions Enforcement: Treasury has intensified pressure on foreign banks and intermediaries facilitating Iranian oil sales and payments as part of Operation Economic Outcast. Whistleblower Program: Awards can be granted even to individuals with ties to the Iranian government or state enterprises at the Treasury's discretion.