US targets entities alleged to help Iran evade sanctions

The United States on Wednesday slapped sanctions on two entities in the United Arab Emirates (UAE) in its latest effort to thwart what it has called Iran\'s attempt to evade sanctions. The Department of Treasury blacklisted Al Hilal Exchange and Al Fida International General Trading, both in Dubai, alleging they have been used by Iran to maintain access to foreign currency exchanges. The move bars American citizens from doing business with the entities and freezes all of their assets under U.S. jurisdiction. Foreign financial institutions face potential loss of access to the U.S. financial system for conducting \"significant\" transactions with the companies. Both Al Hilal Exchange and Al Fida International General Trading were accused of providing financial services to Bank Mellat, an Iranian bank blacklisted for its alleged involvement in the country\'s controversial nuclear program. The Treasury said Al Hilal Exchange also provides financial services to Bank Melli, another Iranian bank targeted for providing services to the Atomic Energy Association of Iran and the Iranian Ministry of Defense for Armed Forces Logistics in 2007. The Central Bank of the UAE recently revoked the license of the exchange house for major regulatory and anti-money laundering compliance violations. Washington and its allies are revving up their sanctions against Iran in their efforts to force the Islamic republic to stop its uranium enrichment activities, which they suspect are used to make nuclear bombs. Iran insists on the peaceful nature of its nuclear program.