US Treasury sanctions three Turkey-based financial entities linked to Iran

The US Treasury Department designated three interconnected financial entities based in Istanbul for sanctions on September 4, citing their involvement in Iran’s financial sector. The move targets the Golden Global banking network, a trio of firms operating out of the same district in Turkey’s largest city. The sanctioned entities, Golden Global Portföy Yönetimi A.Ş., Golden Global Varlık Kiralama A.Ş., and Golden Global Yatırım Bankası A.Ş. (Golden Global Investment Bank), were designated by the Office of Foreign Assets Control (OFAC) under Executive Order 13902. That order, originally signed to target sectors of the Iranian economy, gives Treasury broad authority to go after financial facilitators wherever they operate. The Golden Global network All three entities share an address in Istanbul’s Şişli district and are interconnected through their banking operations. Golden Global Investment Bank, the oldest of the three, was established in October 2019 and operates under the SWIFT/BIC code GOGYTRIS. Golden Global Varlık Kiralama A.Ş., an asset leasing company, was founded in August 2022. The newest entity, Golden Global Portföy Yönetimi A.Ş., a portfolio management firm, was establ...