How Hong Kong helps the flow of Iran's hidden billions

For years, Hong Kong has flourished as China's hub for helping Iran survive punishing sanctions

- Austin Ramzy

U.S. sanctions lose their bite in a Chinese city where setting up a company and moving money is easy.

(REUTERS)

For years, Hong Kong has flourished as China's hub for helping Iran survive punishing sanctions much to the frustration of U.S. officials who have engaged in a whack-a-mole campaign to shut down billions of dollars in trade.

Take the case of Hamed Dehghan, the chief executive of a Tehran-based trading business. In 2019, the U.S. Treasury Department accused Dehghan of using a company in Hong Kong as a front to procure more than $1 million in sensitive equipment for use by companies with ties to Iran's missile program and the Islamic Revolutionary Guard Corps.