US Treasury sanctions Turkish bank for funding Iranian terror network

The US Treasury has placed sanctions on an Istanbul-based bank and two of its subsidiaries, accusing the lender of funneling tens of millions of dollars through the financial networks of Iran’s most powerful military force. On September 4, 2026, the Treasury’s Office of Foreign Assets Control designated Golden Global Yatirim Bankasi Anonim Sirketi, along with two subsidiaries, for allegedly facilitating transactions on behalf of Iran’s Islamic Revolutionary Guard Corps-Qods Force, the external operations arm of the IRGC responsible for financing and directing militant groups across the Middle East. What the Treasury actually did The designation freezes any US-jurisdiction assets held by the bank and its subsidiaries, and broadly prohibits American individuals and companies from doing business with them. Treasury Secretary Scott Bessent framed the action as part of a sustained campaign, stating that the US has detailed knowledge of the financial institutions supporting Iran’s networks and would continue its efforts to dismantle them. The designation falls under Operation Economic Outcast, a broader initiative announced around August 24, 2026, designed to choke off the revenue stream...