IRGC-QF financing through money exchanges (UAE)

On 11 May 2018, the US and the UAE announced that they had jointly taken action to disrupt a currency exchange network that facilitated financing for the IRGC-QF.

The entities in question used their access to exchanges in the UAE to acquire US dollars that the IRGC-QF used to fund and arm its regional proxy groups. The network also involved front compani…