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FINCEN A1 TERRORISM & SANCTIONS HIGH RISK Published 21 Oct 2026 at 12:00 UTC, affecting US, PA, GR, IR

FinCEN: Operation Economic Outcast Targets Iran’s Shadow Fleet Networks

The U.S. Treasury sanctioned Panama- and Greece-based law firm Karnakis and Karnakis for supporting illicit Iranian shipping, indirectly aiding Iran's revenue generation for military purposes under Operation Economic Outcast.

Prepared automatically by complead Research from FinCEN, published 21 Oct 2026.

Read the original notice ↗ All US items

What happened

The U.S. Treasury sanctioned Panama- and Greece-based law firm Karnakis and Karnakis for supporting illicit Iranian shipping, indirectly aiding Iran's revenue generation for military purposes under Operation Economic Outcast.

Designated in this action

2 entities
STATUS NAME ISO PROGRAM IDENTIFIER
Karnakis and Karnakis
Organization, designated
Screen this name — OFAC SDN - Iran —
U.S. Department of the Treasury
Organization, regulator US OFAC SDN - Iran —

What compliance teams should check

  • Re-screen customers against the updated OFAC SDN list
  • Review exposure to Karnakis and Karnakis and related entities
  • Assess transactions linked to Iranian shipping networks
  • Update sanctions compliance procedures for Iran-related risks
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FROM THE NOTICE Today, as part of Operation Economic Outcast, the U.S. Department of the Treasury sanctioned Panama- and Greece-based law firm Karnakis and Karnakis, which has supported illicit Iranian shipping activity for years, indirectly aiding Tehran’s ability to generate revenue to fund its military,… FinCEN, 21 Oct 2026, 12:00 UTC, fincen.gov

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How the radar works

Each item is classified by category, pinned to the jurisdictions it affects and scored from 0 to 10. The score starts from a model assessment of how serious the item is, then adds points for the kind of event, what it names and the source behind it. Reliability grades run from A1 (the regulator’s own notice) to C3 (a single secondary source).

AML News Radar reports what its sources publish. Summaries, categories and scores are automated; read the original notice before acting. It is not legal advice and not a screening decision.

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