August 28, 2019

OFAC designates Iranian missile procurement networks

The Office of Foreign Assets Control of the US Department of the Treasury has designated five individuals and five companies in two networks associated with the Iranian regime, for supporting procurement activities for the Iranian military.  The designations, pursuant to Executive Order 13382, name a network led by Hamed Dehghan, who, according to OFAC, has employed a Hong Kong front company to evade US and international sanctions and provide technology and equipment for the Iranian missile program and the Islamic Revolutionary Guard Corps.  The second network designated by OFAC is headed by Seyed Hossein Shariat, and is said to have procured aluminum alloy products for the Iranian Ministry of Defense and Armed Forces Logistics.

Pursuant to the designations, all US property of the designated parties are blocked, and dealings in the US or with US persons are generally prohibited.  Furthermore, persons who engage in certain transactions with the designated parties may be subject to designation, and any foreign financial institution that knowingly provides significant financial services for them could be subject to US correspondent account or payable-through sanctions.

US Dept. of the Treasury press release