U.S. Senate Subcommittee Releases Report on Iranian Shadow Banking and Money Laundering

               On September 28, 2026, the U.S. Senate Permanent Subcommittee on Investigations released a 28-page report detailing the Iranian government’s use of Tether, a stabilized cryptocurrency, for avoiding sanctions and money laundering. The report found that since 2023, the Iranian government and its proxies, Hezbollah, Hamas and the Houthis have used various cryptocurrencies to move funds.  Tether emerged as the primary method of moving money.