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US sanctions Hong Kong firm tied to Iran exchange house
The Treasury says the Hong Kong company acted as a front to help a sanctioned Iranian exchange house access the international financial system.
The United States announced sanctions on a Hong Kong-based company, alleging it helped launder funds for a sanctioned Iranian exchange house, as part of Washington’s broader campaign to pressure Iran’s financial sector, according to SCMP Economy.
The US Treasury said the firm, Kameng Trading Ltd, functioned as a front to allow the Iranian Pedram Pirouzan Exchange House, also known as Opal Exchange, to reach the international financial system.
US Treasury Secretary Scott Bessent said the sanctions are intended to sever Iran’s remaining economic lifelines, citing a new “Economic Outcast” operation that expands secondary sanctions on entities in jurisdictions linked to supporting Tehran.
SCMP Economy reported that Kameng was incorporated in July 2024 and lists its registered office in Hong Kong’s New Mandarin Plaza in Tsim Sha Tsui, based on Hong Kong’s Companies Registry.