WASHINGTON -- The U.S. Treasury Department is calling on U.S. banks to more closely monitor financial exchange houses and trading companies in the Middle East and elsewhere for Iranian attempts to circumvent economic sanctions.
Adam Szubin, director of the Treasury's Office of Foreign Assets Control, said Tehran is "increasingly" turning to such markets and firms in countries not subject to U.S. sanctions.
He said Iran is moving funds for nuclear proliferation activities and to support terrorists.
He said the transactions, which normally would be done through banks, conceal Iranian companies and account-holders -- including individuals designated under U.S. sanctions.
Szubin said the trend results from sanctions by Washington, the European Union, and other U.S. allies.
The West accuses Tehran of attempting to build nuclear weapons.
Tehran says its nuclear program is peaceful.
With reporting by AFP and AP