Bessent Demands Aggressive Financial Crackdown on Iran Amid Renewed U.S. Sanctions Push

U.S. Treasury Secretary Scott Bessent has issued a forceful directive to the nation’s leading financial institutions, calling on them to take “maximum action” in isolating Iran from the global financial system. The call forms part of the Trump administration’s revitalized Maximum Pressure Campaign, aimed at tightening economic constraints on Tehran and disrupting its access to international capital.

According to sources, Bessent is pressing major banks to apply the same level of vigilance and scrutiny to Iran that has been directed at Russia in recent years. Yet skepticism remains among insiders who argue that the current geopolitical landscape—particularly the diminished collaboration between the U.S., the EU, and the UK—makes such sweeping action increasingly difficult to implement.

In a closed-door meeting with senior executives from America’s top banks last week, Bessent emphasized the growing threat posed by Iran’s covert financial strategies. “Our strategy is clear: we will apply economic pressure to the maximum extent possible to disrupt the Iranian regime’s access to the financial resources that fuel its destabilizing activities,” he stated, underscoring the seriousness of the administration’s stance.

He highlighted Iran’s ongoing financial support for groups such as Hamas, Hizballah, the Houthis, and various Iran-backed militias in Iraq as grounds for an expanded sanctions regime and intensified intelligence cooperation within the financial sector. “The world’s premier financial system must be simply inaccessible to those that undermine world order,” Bessent declared, issuing a stark warning to financial intermediaries aiding Tehran’s sanctions evasion tactics.

A central topic during the meeting was Iran’s shadow banking system, which Bessent described as “a complex network of financial facilitators that enable Iran to sell its oil, petrochemicals, and other commodities; generate hard currency; and circumvent sanctions.” The Treasury Secretary pointed to recent enforcement actions—such as OFAC’s targeting of a Chinese “teapot” oil refinery and its CEO for illicitly purchasing hundreds of millions of dollars in sanctioned Iranian crude—as evidence of escalating U.S. efforts. “These purchases provide the primary economic lifeline for the Iranian regime,” Bessent warned. “The United States is committed to cutting off the revenue streams that enable Tehran’s continued financing of terrorism and development of its nuclear program.”

Bessent also spoke to the necessity of deepening cooperation between public and private sectors in the battle against illicit finance. “This event provides an incredible opportunity to engage in a tactical exchange of information to counter Iran’s destabilizing behavior,” he told attendees. He committed the Treasury to improving the feedback it gives to financial institutions submitting suspicious activity reports under the Bank Secrecy Act, stating, “clarity and responsiveness are crucial.”

In particular, Bessent praised the FinCEN Exchange initiative, describing it as a successful model of collaboration that allows financial institutions, regulators, and law enforcement to “stay ahead of threats” through enhanced data sharing.

Although Iran was the primary focus of the briefing, Bessent made it clear that the Treasury’s efforts extend to broader illicit finance challenges, including drug trafficking and human smuggling. “We will continue to press on a number of actions to protect our financial system from being accessed by narcotic traffickers from all four sides of the U.S. border,” he said, referencing a recent Geographic Targeting Order aimed at cartel-linked money laundering along the southwestern border.

Concluding the session, Bessent acknowledged the significant role the financial sector plays in advancing national security priorities. “The work we do together is critical to protecting our financial system and our national security, and the values we uphold as Americans,” he told the gathering of banking leaders. “I know I speak for my team when I say that we are excited to hear and learn from you all today.”

By fLEXI tEAM