Companies that help Iran launder money will be excluded from the U.S. dollar system - Bessent

U.S. Treasury Secretary Scott Bessent is threatening to exclude groups that help Iran launder money from the American financial system, which underpins the global economy, UNN reports, citing CNN.

"Let me be clear: any organization that facilitates money laundering on behalf of Iran will be excluded from the U.S. dollar system. The clock has just started ticking," Bessent said in his prepared remarks on Monday.

"If they facilitate transactions and are part of the ecosystem that turns Iranian oil into money, into repression, they will be targeted," Bessent said in response to a question about sanctions.

In a press release, the Treasury Department used somewhat softer wording, stating that any organization that facilitates money laundering or sanctions evasion "risks being cut off from the U.S. financial system."

Asked whether Chinese banks could face secondary sanctions for their alleged role in helping Iran, Bessent said that the best approach was "quiet diplomacy," but added that "no one is above U.S. sanctions."

"We are leveling the playing field with all countries to inform them of our expectations," he said. We know who they are. They know who they are. So when the U.S. Treasury's measures come crashing down on them, they will have only themselves to blame."

Bessent said a major announcement on sanctions against an unnamed financial institution should be expected by the end of this week.

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