Iran has dismantled a major money laundering ring connected to the mobile phone market, with over $500 million in turnover. The group exploited accounts of vulnerable individuals to conceal tax information for mobile traders. Recent investigations show an uptick in financial crime probes as Iran seeks to enhance regulatory compliance and combat tax evasion.
Iran’s Financial Intelligence Unit, led by Hadi Khani, announced the arrest of a significant money laundering ring that was exploiting the nation’s lucrative mobile phone market. This operation had a turnover exceeding 500 trillion rials (over $500 million) before law enforcement intervened. The ring’s scheme involved using bank accounts created in the names of impoverished and vulnerable individuals, facilitating the laundering of funds for mobile phone traders and importers while obscuring their tax records.
Khani highlighted how a bank account belonging to a disadvantaged woman, identified in the investigation, showed a staggering transaction turnover of 40 trillion rials (approximately $4.5 million), despite her monthly balance being just 30 million rials as of 2020. This discrepancy underscores the exploitation of vulnerable individuals in money laundering operations.
In response to rising financial crimes, Iran has intensified its crackdown on money laundering over recent years. These efforts aim to combat tax evasion that results in significant revenue losses for the government, as well as to enhance regulatory discipline within the financial sector. Iran aspires to align with international organizations dedicated to combating money laundering.
The MEAF has reported that they are currently investigating 37 major money laundering cases, scrutinizing close to 2,300 bank accounts in their efforts. The Iranian police have increasingly stepped up their involvement in financial crime investigations, signifying a robust commitment to addressing these crimes within the country.
Iran’s recent crackdown on money laundering has uncovered a substantial operation linked to the mobile phone market, exploiting vulnerable individuals for illicit gains. The investigation revealed vast sums of money funneled through fake accounts, prompting authorities to intensify their efforts against financial crimes. As Iran seeks to adhere to international standards, the commitment to addressing these issues reflects a broader goal of improving the integrity of its financial systems.
Original Source: en.mehrnews.com
