The U.S. Sanctions a Counterfeit Currency Network for Iran's Quds Force

On Monday, the U.S. Treasury Department sanctioned a network of individuals and companies allegedly involved in counterfeiting Yemeni banknotes for Iran's Quds Force. According to a statement from the department, which was reported by Reuters, the mentioned network circumvented European export laws to acquire equipment and tools for counterfeiting from Europe. The statement further includes remarks from U.S. Treasury Secretary Steven Mnuchin, who stated that the exposure of this counterfeiting scheme demonstrates the 'depth of deception' of the Quds Force, which employs it against 'European companies, Gulf governments, and the rest of the world to continue its destabilizing activities' in the region. The U.S. Treasury's announcement mentions the company 'Rayan Image Processing,' a subsidiary of Mobin Diamond Trading, managed by an individual named Reza Heydari. According to the announcement, this company was procuring the necessary equipment and tools for counterfeiting Yemeni banknotes. The announcement adds that Reza Heydari was deceiving European manufacturers using front companies and other methods to keep them unaware of his true intentions. He was collaborating with another individual named Mahmoud Saif, who is the manager of Mobin Diamond Trading. The U.S. Treasury has sanctioned both individuals and their companies, along with two other companies that were used as front companies. Previously, U.S. President Donald Trump designated the Islamic Revolutionary Guard Corps (IRGC) as a terrorist-supporting entity and authorized the Treasury Department to impose sanctions against it.