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The US imposed sanctions against the Iraqi company and its two partners for helping the Iranian Islamic Revolutionary Guard Corps avoid sanctions by smuggling arms worth hundreds of millions of dollars, AP reported

“The Iraqi financial sector and the broader international financial system must harden their defenses against the continued deceptive tactics emanating from Tehran in order to avoid complicity” in the Guard’s “ongoing sanctions evasion schemes and other malign activities,” Treasury Secretary Steven Mnuchin said in a statement.

The Treasury Department said the penalties target the South Wealth Resources Company in Baghdad and two of its registered agents. It said the company and the two men are linked to the Guard’s foreign wing, or Quds Force, and have trafficked hundreds of millions of dollars’ worth of weapons to Shiite militias in Iraq.

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