The United States announced sanctions on Friday against a Hong Kong-based company, accusing it of helping to launder funds for a sanctioned Iranian exchange house. The action marks the latest move targeting a Chinese entity as Washington intensifies its efforts to isolate Iran’s financial sector.
Kameng Trading Ltd, headquartered in Hong Kong, allegedly operated as a front company to help the Iranian entity Pedram Pirouzan Exchange House, also known as Opal Exchange, gain access to the international financial system, according to the US Department of the Treasury.
“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 initiative called “Economic Outcast” unveiled earlier this week. The operation 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.
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Musthafa Azheekkodantakath, an Indian passport holder with a correspondence address in Dubai, United Arab Emirates, is listed as the company’s sole shareholder and director.
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