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Vincent Chow

The United States announced sanctions on a Hong Kong company on Friday for allegedly helping launder funds for a sanctioned Iranian exchange house, the latest Chinese entity to be targeted as part of Washington’s expanded efforts to squeeze Iran’s financial sector.
The development comes as Washington has in recent days slapped new Iran-related sanctions on various Chinese entities, prompting Beijing to vow retaliation just weeks before Chinese President Xi Jinping’s expected visit to the US.
Hong Kong-based Kameng Trading Ltd acted as a front company to help the Iranian entity Pedram Pirouzan Exchange House, also known as Opal Exchange, access the international financial system, the US Department of the Treasury said.
“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 operation called “Economic Outcast” announced on Monday that 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.


Musthafa Azheekkodantakath, an Indian passport holder with a correspondence address in Dubai, United Arab Emirates, is listed as the company’s only shareholder and director.
The US Treasury imposed sanctions in May on Pedram Pirouzan Exchange House, describing it as a “leading sanctions-evasion facilitator” in Iran that uses an “extensive network” of front companies to support Iranian banks and the Tehran government.
The Treasury also announced on Friday that it has sanctioned a Dubai-based branch manager of Iranian bank Bank Melli, which has been accused of facilitating billions of dollars’ worth of transactions through accounts controlled by the Islamic Revolutionary Guard Corps Qods Force.
Tehran condemned the new sanctions on Friday, describing the US actions as “state terrorism”.
“US sanctions against Iran, by virtue of both their nature and their consequences, constitute a flagrant violation of the UN Charter,” Iran’s Foreign Ministry said in a statement.
The Chinese embassy in Washington said the new sanctions amount to “economic warfare” that will disrupt the global economic and financial order.
“China has made clear on many occasions its firm opposition to illicit unilateral sanctions that have no basis in international law or the authorisation of the UN Security Council,” the spokesman said in a statement.
The US Treasury last year issued an advisory accusing Hong Kong of being a “key jurisdiction” for Iranian money laundering operations, including revenue generated through the illicit sale of Iranian oil.
It said that Iranian actors were setting up front companies in Hong Kong that bank with mainland China-based financial institutions.
Earlier this week, the US imposed sanctions on nearly 60 Iran-linked entities and trading partners spanning digital assets, technology, gold, aviation and shipping, including some in mainland China and Hong Kong.
The move sparked anger in Beijing, which vowed to “take all necessary measures to firmly safeguard its rights and interests”.


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Kameng Trading Ltd allegedly acted as front company to help Iran’s Pedram Pirouzan Exchange House access international financial system


Kameng Trading Ltd allegedly acted as front company to help Iran’s Pedram Pirouzan Exchange House access international financial system.


US Treasury sanctions Hong Kong-based firm over Iran money laundering ties

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Kameng Trading Ltd allegedly acted as front company to help Iran’s Pedram Pirouzan Exchange House access international financial system

Kameng Trading Ltd allegedly acted as front company to help Iran’s Pedram Pirouzan Exchange House access international financial system