Гонконг стал центром отмывания денег Ирана? The Wall Street Journal раскрывает 4.8 миллиарда долларов наличных транзакций

The Wall Street Journal revealed that Hong Kong has become a key hub for the flow of Iranian funds and materials. Through large shell companies, Iran processes up to 4.8 billion dollars in oil revenues annually and procures drone and missile parts.

According to the Wall Street Journal, Hong Kong is currently a crucial hub in Iran’s financial circulation system. Through complex networks of shell companies and alternative financial channels, Hong Kong not only assists Iran in handling billions of dollars in massive oil revenues but also serves as an important stepping stone for Tehran to evade U.S. sanctions and purchase sensitive technology for its military and drone programs.

How did Hong Kong become an important base for Iran’s shadow banking?

The report points out that data from the U.S. Treasury and related financial crime prevention agencies show that Hong Kong’s business environment, due to its simple company registration procedures, has become a hotbed for disguising sanctioned entities’ identities. In 2024, the scale of financial transactions related to Iran’s shadow banking entities in Hong Kong is estimated to reach 4.8 billion USD, second only to the United Arab Emirates.

Most of these networks, composed mainly of shell companies, are engaged in converting RMB from Iran’s oil sales into USD, EUR, or other strong foreign currencies to meet Iran’s international trade funding needs.

Iran Procures Military and Drone Parts via Hong Kong Shell Companies

In addition to money laundering, Hong Kong is a key node for Iran to acquire sensitive military technology. U.S. authorities state that since 2019, Hamed Dehghan, CEO of a trading company in Tehran, has continuously used shell companies in Hong Kong to procure millions of dollars’ worth of controlled Western technology for Iran’s missile program and Islamic Revolutionary Guard Corps (IRGC), including critical electronic components and rocket fuel precursors used in developing “Shahed” attack drones.

Despite the U.S. Treasury’s ongoing blacklisting of involved Hong Kong entities, the low threshold for establishing new companies locally allows old companies to be sanctioned and replaced quickly with new shell companies that take over operations.

How do funds evade U.S. sanctions?

To avoid scrutiny from the U.S.-based financial system, transactions related to Iran are often deliberately bypassed through major global multinational banks. The report indicates that these funds are usually settled through small and medium-sized local banks with limited international exposure (such as Kunlun Bank), mainly using RMB to isolate from inspection risks.

Additionally, Iranian foreign exchange agencies connected with Iranian commercial banks (like Bank Tejarat) are said to control dozens of shell companies in Hong Kong, specifically managing underground funds for the IRGC.

Ghost Fleets and Maritime Laundering: Hong Kong’s Role in Iran’s Oil Smuggling Logistics

In physical trade, Hong Kong also plays a logistical role supporting Iran’s “ghost fleet.” Many shipping companies registered in Hong Kong actively assist in transporting Iranian crude oil via oil tankers engaged in “ship-to-ship” transfers at sea. By forging invoices and altering oil origin labels (often disguising them as Omani or Malaysian crude), these networks successfully conceal the true source of the oil, allowing controlled Iranian crude to enter refineries in China and other countries, and circulate covertly within the global trading system.

Hong Kong Government Resists Cooperation with Unilateral Sanctions: U.S. Strategies to Block Shell Companies

Hong Kong SAR Chief Executive John Lee has explicitly stated that the Hong Kong government only enforces sanctions imposed by the United Nations Security Council and does not recognize unilateral sanctions imposed by individual countries (such as the U.S.). This policy stance allows entities targeted by the U.S. to operate freely within Hong Kong, with little concern about local law enforcement investigations.

Faced with the severe challenge of rampant shell companies in Hong Kong, U.S. authorities have shifted tactics since October last year, targeting the addresses of agencies that register these companies, aiming to increase the difficulty of establishing shell companies and cut off Iran’s underground supply chains at the source.

• This article is reprinted with permission from: Chain News
• Original title: Wall Street Journal: Hong Kong Becomes Iran’s Money Laundering Hub, 4.8 Billion USD Underground Cash Flow Exposed
• Original author: Co2