Original Coverage & Source Attribution: www.rivieramm.com
On 21 October, the US Department of the Treasury sanctioned law firm Karnakis and Karnakis for allegedly “aiding Tehran’s ability to generate revenue to fund its military, weapons, and nuclear programs”.
“Whether you are conducting illegal oil transfers at sea or sitting in the corner office of a law firm, if you are supporting the Iranian regime, we will find you and sanction you,” US Secretary of the Treasury Scott Bessent said.
The Treasury also said the Financial Crimes Enforcement Network (FinCEN) was working closely with European partners, including in Greece, to advance its investigation into a Greek bank’s potential ties to Iran and its proxies.
FinCEN has also issued multiple requests for information concerning banks’ relationships with Iranian financial institutions designated by the Office of Foreign Assets Control (OFAC).
In a statement, Greece’s Ministry of National Economy and Finance said the country’s authorities were working closely with their counterparts and welcomed any action aimed at safeguarding the integrity of the international financial system.
“Greece implements the applicable sanctions and supports efforts to effectively combat money laundering and the financing of terrorism,” the ministry said.
Establishing a corporate structure for Iran-linked shipping
Karnakis and Karnakis, which has been approached for comment, was previously involved in establishing companies including Skyros Maritime and Trading SA, Corfu Maritime and Trading SA, and Elias Shipping and Trading Group SA, according to the US Treasury.
OFAC had previously designated these entities over their ownership of vessels involved in the trade of Iranian petroleum and petroleum products.
According to the Treasury, “Karnakis and Karnakis played a particularly critical role in establishing the corporate architecture for the shipping empire of Iranian LPG magnate Seyed Asadoollah Emamjomeh (Emamjomeh), which is collectively responsible for shipping hundreds of millions of dollars’ worth of Iranian LPG and crude oil”.
The Treasury said the law firm was founded and is currently owned by dual Panamanian-Greek nationals Sofianos Karnakis Kosmas and Konstantinos Karnakis Kosmas. It also identified Panamanian-Greek national Ioanis Karnakis Kosmas and Panamanian national Pedro Ortega Jones as employees of the firm.
The US Treasury also designated Panama- and Greece-based shipping company Roxette Maritime Shipping and Trading SA, “for which Karnakis and Karnakis serves as corporate agent.” According to the Treasury, Roxette operates and manages vessels that have transported various cargoes of Iranian-origin goods over the past year.
The latest designations also cover nine vessels, comprising bulk carriers, general cargo vessels and offshore supply ships.
The Treasury also took action against two shipping agents, Singapore-based Amigoz Singapore PT and Dubai-based Whales Shipping Line LLC, which it alleges have helped Iran transport its products to buyers around the world.
