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US Treasury sanctions Hong Kong-based firm over Iran money laundering ties

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Vincent Chowin WashingtonPublished: 6:14am, 29 Aug 2026The United States announced sanctions on a Hong Kong company on Friday for allegedly helping launder funds for a sanctioned Iranian exchange house, the latest Chinese entity to be targeted as part of Washington’s expanded efforts to squeeze Iran’s financial sector.The development comes as Washington has in recent days slapped new Iran-related sanctions on various Chinese entities, prompting Beijing to vow retaliation just weeks before Chinese President Xi Jinping’s expected visit to the US.Hong Kong-based Kameng Trading Limited acted as a front company to help the Iranian entity Pedram Pirouzan Exchange House, also known as Opal Exchange, access the international financial system, the US Department of the Treasury said.“[The] Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime,” said US Treasury Secretary Scott Bessent, referring to a new operation called “Economic Outcast” announced on Monday that expands secondary sanctions on entities in jurisdictions deemed to be supporting Tehran.

Kameng was incorporated in July 2024 and has its registered office in New Mandarin Plaza in Tsim Sha Tsui, according to Hong Kong’s Companies Registry.

03:00US adds Alibaba, BYD, Baidu and other Chinese tech giants to military blacklistMusthafa Azheekkodantakath, an Indian passport holder with a correspondence address in Dubai, United Arab Emirates, is listed as the company’s only shareholder and director.AdvertisementSelect VoiceSelect Speed00:0000:001.00x