The US Treasury placed Iraq-based South Wealth Resources on its sanctions blacklist Wednesday, saying the company is an important weapons trafficking and financial front for Iran's Islamic Revolutionary Guard Corps.
The Treasury said the company, Manabea Tharwat al-Janoob General Trading Company, was used by the IRGC to smuggle "hundreds of millions of dollars' worth" of weapons to IRGC allies in Iraq.
South Wealth Resources has also helped move millions of dollars to Iraq "for illicit financial activity benefitting" the IRGC and Iraq militias it supports.
The company and two Iraqis who worked with it were placed on the US sanctions blacklist, which seeks to lock them out of the international financial system by forbidding Americans and companies with US units, particularly banks, from doing business with them.
The company and the two Iraqis, Makki Kazim Abd Al Hamid Al Asadi and Muhammed Husayn Salih al-Hasani, were also placed on the US State Department's list of "Specially Designated Global Terrorists."