Washington tightens financial squeeze on Iran with participation of global institutions

The U.S. Department of the Treasury convened global financial institutions on Wednesday as part of the “Economic Outcast” campaign, aimed at intensifying economic pressure on Iran and curbing its ability to fund military operations in the Middle East.

FinCEN, the U.S. Treasury’s Financial Crimes Enforcement Network, said it held a meeting with global financial institutions, providing them with the necessary information to help disrupt revenue flows and procurement networks linked to the Iranian regime.

It added that the meeting provided the financial sector with information on entities, intermediaries, and networks that, according to FinCEN, enable Iran and its allied groups to access U.S. correspondent banking relationships, and assist them in money laundering, weapons procurement, and financing regional activities.

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U.S. Treasury Secretary Scott Bessent said his department continues to work to cut off the remaining economic lifelines to Tehran, reaffirming continued close cooperation with the private sector under the “Economic Outcast” initiative.

FinCEN clarified that the meeting is part of the public-private partnership to combat Iranian financial networks, noting that the Treasury Department will continue to share information with financial institutions and law enforcement agencies in this regard.

This move comes within the “Economic Outcast” campaign launched by U.S. President Donald Trump’s administration last August to intensify economic pressure on Iran and target its revenue sources and financial networks.