The UK’s Foreign, Commonwealth and Development Office just added 12 new names to its Iran sanctions list, targeting a criminal network accused of orchestrating hostile operations and moving illicit money on behalf of the Iranian regime. The designations hit nine individuals and three entities, with a particular focus on the Zindashti criminal network and two exchange houses allegedly at the center of a sprawling financial laundering apparatus.
Among the most notable additions: Berelian Exchange and GCM Exchange, two Iranian exchange houses that the US Treasury had previously flagged for their roles in laundering billions for Tehran through shadow banking channels. The UK is now matching that enforcement posture, freezing assets, imposing travel bans, and issuing disqualification orders against those involved.
The Zindashti network and the money trail
The Zindashti criminal network sits at the center of these designations. The group is accused of orchestrating hostile activities on behalf of Iran, including plotting attacks and providing financial support infrastructure that enables the regime’s operations abroad.
The Zarringhalam family members were also among those designated. They had previously been sanctioned by the US for financial crimes tied to the same network.
The operations implicated in these designations span multiple jurisdictions, involving Turkish, Azerbaijani, and Iranian nationals.
Building on a long sanctions history
This latest round of designations doesn’t exist in a vacuum. The UK government has now imposed over 550 sanctions against Iranian individuals and entities.