The U.S. is Investigating JPMorgan's Connection with Hossein Shamkhani's Network

Bloomberg reports that the U.S. Treasury Department is investigating the connection of the financial institution "JPMorgan" with a credit fund that is said to be part of the business network of Hossein Shamkhani, son of Ali Shamkhani and owner of several oil tankers. In the report published on Friday, December 2, it was stated that the U.S. Treasury is scrutinizing whether JPMorgan's acceptance of the hedge fund "Ocean Leonid Investments" registered in the United Arab Emirates was in compliance with legal regulations and restrictions. Spokespersons for JPMorgan, the "Ocean Leonid" fund, and the U.S. Treasury declined to comment on this matter, and Bloomberg states that Hossein Shamkhani also left a written request sent to his lawyer unanswered. According to Bloomberg's report, the U.S. Treasury's investigation, which is still in its early stages, is primarily focused on the activities of Hossein Shamkhani. Given that JPMorgan is one of the banks that has provided facilities to the "Ocean Leonid" fund, the Treasury is also examining the possibility of this bank's violation, including circumventing restrictions arising from sanctions against Iran. However, since neither Hossein Shamkhani nor the "Ocean Leonid" fund are on the list of individuals and entities sanctioned by the United States, JPMorgan is not obligated to sever its business relationship with this client. Less than a month ago, Bloomberg reported that the Dubai International Financial Centre (DIFC) had suspended its economic relationship with several companies that are apparently part of Hossein Shamkhani's network due to increasing international pressure. U.S. federal laws aim to prevent illicit funds and resources from entering the country's financial network, requiring financial institutions to monitor suspicious activities and refrain from dealing with suspicious entities. According to Bloomberg, the U.S. Federal Reserve is also monitoring Shamkhani's economic network's access to Western financial resources, although this entity did not comment on the matter. Four years ago, the U.S. Treasury added several Iranian officials and prominent figures, including Ali Shamkhani, Hossein Shamkhani's father, to the sanctions list for their key role in advancing the policies of Ali Khamenei, the Supreme Leader of the Islamic Republic, both domestically and abroad. At that time, Ali Shamkhani was the Secretary of the Supreme National Security Council of Iran and later became a political advisor to Ali Khamenei.