Iran Scam to Evade Terror Sanctions Busted, NYC Official Says

Adam Szubin, the head of Treasury's Office of Foreign Assets Control (OFAC), cited the pressure on IRISL to date has having a dramatic impact on Iran's shipping business, including the loss of maritime insurance, the default on loans and the seizure of ships. Szubin pointed out that his office's aggressive actions have put extreme pressure on the shipping firm which is a significant part of the structure providing Iran with the materials needed for development of weapons of mass destruction.

"As the private sector around the world increasingly turns its back on Iran's national shipping line, IRISL's efforts to evade international sanctions and increased scrutiny have grown more and more desperate," Szubin said.

Szubin also announced today the sanctioning of ten additional shipping companies and three individuals. The sanctions prohibit trade and authorize the freezing of assets of companies doing business with companies that harbor terrorists or proliferate weapons of mass destruction.

Still, Vance acknowledged the difficulty officials face in attempting to extradite the newly indicted individuals.

"Will anyone ever face judgment in New York courts? Possibly," he said.

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