WASHINGTON (AP) — A pair of Iranian financiers and more than a dozen people and firms across Hong Kong and the United Arab Emirates were sanctioned Tuesday for allegedly coordinating $100 million worth of cryptocurrency transfers from the sale of Iranian oil for the benefit of Iran’s government and military.

Treasury alleges that Iranian nationals Alireza Derakhshan and Arash Estaki Alivand facilitated the purchase of over $100 million worth of cryptocurrency for oil sales for the Iranian government. The pair then used a network of front companies across countries to transfer the cryptocurrency funds, Treasury says.

So-called “shadow banking” networks like these evade sanctions by laundering money through overseas front companies and cryptocurrency.

Treasury Under Secretary for Terroris

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