WASHINGTON — The U.S. Treasury Department convened representatives from two dozen global financial institutions today, pressing them to tighten enforcement of sanctions targeting Iran's access to the international financial system.
Under Secretary for Terrorism and Financial Intelligence Brian Nelson led the discussions, which included major banks from Europe, Asia and the Middle East. Treasury officials presented new intelligence on Iran's use of front companies, complex financial structures and cryptocurrency exchanges to evade sanctions. The talks focused specifically on Iran's oil sales, financing for regional proxy groups and missile proliferation.
Attendees discussed mechanisms to identify and block transactions linked to these activities, including enhanced due diligence and suspicious activity reporting. Non-compliance with U.S. sanctions can result in significant penalties, including exclusion from the U.S. financial system for international banks.
The push reflects the Trump administration's intensified maximum pressure campaign against Iran, which began in 2018. President Trump has repeatedly demanded stricter sanctions enforcement, citing Iran's missile development, human rights abuses and recent aggressive maritime actions.
Representatives from institutions in Germany, France, Japan, the United Kingdom and the United Arab Emirates attended. Some voiced concerns about implementing new measures without disrupting legitimate trade and humanitarian aid. Treasury officials said the sanctions primarily target the Iranian regime and its illicit activities, not the Iranian people.
The Treasury Department plans follow-up bilateral meetings with key institutions over the next three weeks to finalize compliance protocols and data-sharing agreements. Under Secretary Nelson is scheduled to testify before the House Financial Services Committee on Oct. 2.
