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US Sanctions Iran’s ‘Shadow Banking’ Network, Ecuador Designates IRGC as Terrorist Group

A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, Jan. 20, 2023. Photo: REUTERS/Kevin Lamarque
The United States has fired another shot in the battle to break Iran’s illicit finance machine, this time targeting a web of “shadow bankers” moving millions of dollars through Hong Kong and the United Arab Emirates to fuel Tehran’s military efforts and terrorist allies.
Meanwhile, Ecuador has become the latest country to blacklist Iran’s Islamic Revolutionary Guard Corps (IRGC), Hamas, and Hezbollah, naming them as terrorist organizations.
On Tuesday, the US Treasury Department’s Office of Foreign Assets Control (OFAC) designated two Iranian nationals — Alireza Derakhshan and Arash Estaki Alivand — as key financial facilitators for the IRGC-Qods Force (QF) and Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL). Alongside them, more than a dozen shell companies and individuals in Hong Kong and the UAE received sanctions for laundering oil money and cryptocurrency transactions to support Iran’s weapons programs.
“Iranian entities rely on shadow banking networks to evade sanctions and move millions through the international financial system,” US Under Secretary of the Treasury for Terrorism and Financial Intelligence John Hurley said in a statement. “We will continue to disrupt these key financial streams that fund Iran’s weapons programs and malign activities in the Middle East and beyond.”
The networks OFAC mapped out are intricate and deliberate, comprising a dizzying labyrinth of front companies such as Alpa Trading – FZCO in Dubai and Alpa Hong Kong Limited, coordinated by Derakhshan and his conspirators, with ties to Hezbollah’s financial operators and Syrian oil brokers. Transactions included more than $100 million in cryptocurrency sales on behalf of the Iranian government, funneled through offshore accounts and digital wallets designed to obscure their final destination into the furnaces powering the IRGC’s terror industrial complex.
This is the third time since June that OFAC has targeted Tehran’s “shadow banks.” In July, another sprawling network received sanctions for laundering billions through exchange houses and front firms. This oil sold off the books fuels Hezbollah, Hamas, and Iran’s other terrorist proxies.
Sanctions freeze all property in the United States tied to individuals and firms named, forbidding US persons from doing business with them, and threatening secondary sanctions on foreign financial institutions that participate. This has created a financial game of whack-a-mole, with Iran creating new financial fronts as soon as old ones get exposed and sanctioned.
Other nations have also taken action against the threats posed by the Islamic regime in Iran and its primary fist abroad, the IRGC.
On Monday, Ecuador’s President Daniel Noboa signed a decree designating the IRGC, Hamas, and Hezbollah as terrorist organizations, drawing from intelligence reports warning of their presence in South America and links to local criminal gangs. The decree warned the groups pose “a direct threat to public security and sovereignty.”
Israel’s Foreign Minister Gideon Sa’ar praised the decision, writing on X that “Ecuador’s courageous step sends a clear message against Iran’s terror network and strengthens global security. We call on more countries in Latin America and around the world to follow suit.”
The US has previously called for terrorist designations for the IRGC. Ecuador has joined Canada, Israel, Saudi Arabia, Bahrain, and most recently Paraguay and Australia in designating the IRGC.
Last month, Australia expelled the Iranian ambassador after the nation’s intelligence service uncovered the Islamic regime’s hand behind a series of arson attacks against Jewish communities in Sydney and Melbourne. Iran responded by cutting ties and denying involvement.
Australian Prime Minister Anthony Albanese called the crimes “extraordinary and dangerous acts of aggression orchestrated by a foreign nation on Australian soil.” He said that they sought “to undermine social cohesion and sow discord in our community.”
Home Affairs Minister Tony Burke described the terrorist scheme as “a series of intermediaries so that people performing different actions don’t in fact know who is directing them or don’t necessarily know who is directing them.”
Iranian Foreign Ministry spokesperson Esmaeil Baghaei said that “the accusation of antisemitism against Iran is ridiculous and baseless.” He added, “According to diplomatic law and in response to Australia’s action, the Islamic Republic has also reciprocally reduced the level of Australia’s diplomatic presence in Iran.”
On Tuesday, Israel struck another Iran-backed terrorist group, Yemen’s Houthis, at the Red Sea port of Hodeidah.
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After False Dawns, Gazans Hope Trump Will Force End to Two-Year-Old War

Palestinians walk past a residential building destroyed in previous Israeli strikes, after Hamas agreed to release hostages and accept some other terms in a US plan to end the war, in Nuseirat, central Gaza Strip October 4, 2025. Photo: REUTERS/Mahmoud Issa
Exhausted Palestinians in Gaza clung to hopes on Saturday that US President Donald Trump would keep up pressure on Israel to end a two-year-old war that has killed tens of thousands and displaced the entire population of more than two million.
Hamas’ declaration that it was ready to hand over hostages and accept some terms of Trump’s plan to end the conflict while calling for more talks on several key issues was greeted with relief in the enclave, where most homes are now in ruins.
“It’s happy news, it saves those who are still alive,” said 32-year-old Saoud Qarneyta, reacting to Hamas’ response and Trump’s intervention. “This is enough. Houses have been damaged, everything has been damaged, what is left? Nothing.”
GAZAN RESIDENT HOPES ‘WE WILL BE DONE WITH WARS’
Ismail Zayda, 40, a father of three, displaced from a suburb in northern Gaza City where Israel launched a full-scale ground operation last month, said: “We want President Trump to keep pushing for an end to the war, if this chance is lost, it means that Gaza City will be destroyed by Israel and we might not survive.
“Enough, two years of bombardment, death and starvation. Enough,” he told Reuters on a social media chat.
“God willing this will be the last war. We will hopefully be done with the wars,” said 59-year-old Ali Ahmad, speaking in one of the tented camps where most Palestinians now live.
“We urge all sides not to backtrack. Every day of delay costs lives in Gaza, it is not just time wasted, lives get wasted too,” said Tamer Al-Burai, a Gaza City businessman displaced with members of his family in central Gaza Strip.
After two previous ceasefires — one near the start of the war and another earlier this year — lasted only a few weeks, he said; “I am very optimistic this time, maybe Trump’s seeking to be remembered as a man of peace, will bring us real peace this time.”
RESIDENT WORRIES THAT NETANYAHU WILL ‘SABOTAGE’ DEAL
Some voiced hopes of returning to their homes, but the Israeli military issued a fresh warning to Gazans on Saturday to stay out of Gaza City, describing it as a “dangerous combat zone.”
Gazans have faced previous false dawns during the past two years, when Trump and others declared at several points during on-off negotiations between Hamas, Israel and Arab and US mediators that a deal was close, only for war to rage on.
“Will it happen? Can we trust Trump? Maybe we trust Trump, but will Netanyahu abide this time? He has always sabotaged everything and continued the war. I hope he ends it now,” said Aya, 31, who was displaced with her family to Deir Al-Balah in the central Gaza Strip.
She added: “Maybe there is a chance the war ends at October 7, two years after it began.”
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Mass Rally in Rome on Fourth Day of Italy’s Pro-Palestinian Protests

A Pro-Palestinian demonstrator waves a Palestinian flag during a national protest for Gaza in Rome, Italy, October 4, 2025. Photo: REUTERS/Claudia Greco
Large crowds assembled in central Rome on Saturday for the fourth straight day of protests in Italy since Israel intercepted an international flotilla trying to deliver aid to Gaza, and detained its activists.
People holding banners and Palestinian flags, chanting “Free Palestine” and other slogans, filed past the Colosseum, taking part in a march that organizers hoped would attract at least 1 million people.
“I’m here with a lot of other friends because I think it is important for us all to mobilize individually,” Francesco Galtieri, a 65-year-old musician from Rome, said. “If we don’t all mobilize, then nothing will change.”
Since Israel started blocking the flotilla late on Wednesday, protests have sprung up across Europe and in other parts of the world, but in Italy they have been a daily occurrence, in multiple cities.
On Friday, unions called a general strike in support of the flotilla, with demonstrations across the country that attracted more than 2 million, according to organizers. The interior ministry estimated attendance at around 400,000.
Italy’s right-wing government has been critical of the protests, with Prime Minister Giorgia Meloni suggesting that people would skip work for Gaza just as an excuse for a longer weekend break.
On Saturday, Meloni blamed protesters for insulting graffiti that appeared on a statue of the late Pope John Paul II outside Rome’s main train station, where Pro-Palestinian groups have been holding a protest picket.
“They say they are taking to the streets for peace, but then they insult the memory of a man who was a true defender and builder of peace. A shameful act committed by people blinded by ideology,” she said in a statement.
Israel launched its Gaza offensive after Hamas terrorists staged a cross border attack on October 7, 2023, killing some 1,200 people and taking 251 people hostage.
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Hamas Says It Agrees to Release All Israeli Hostages Under Trump Gaza Plan

Smoke rises during an Israeli military operation in Gaza City, as seen from the central Gaza Strip, October 2, 2025. Photo: REUTERS/Dawoud Abu Alkas
Hamas said on Friday it had agreed to release all Israeli hostages, alive or dead, under the terms of US President Donald Trump’s Gaza proposal, and signaled readiness to immediately enter mediated negotiations to discuss the details.