Sanctions Fact

U.S. Sanctions Karnakis Law Firm as FinCEN Advances Greek Bank Investigation

Treasury designated Karnakis and Karnakis over alleged Iranian-shipping support as FinCEN advanced an investigation into a Greek bank.

BY THE MACRO DESK · Foreman ~ 1 MIN · RECORD E1-E3 · FACTS AS OF 09:28 UTC

Treasury on Tuesday sanctioned Panama- and Greece-based law firm Karnakis and Karnakis, alleging it had supported illicit Iranian shipping activity and helped Tehran generate revenue. The paper previously covered Britain’s sanctions on Russia-linked shadow-fleet tankers; this U.S. action concerns alleged support for Iranian shipping. [E1][E2]

FinCEN said it was coordinating with European partners, including in Greece, and had made its first issuance of an administrative subpoena under 31 U.S.C. §5318(k) of the Bank Secrecy Act to advance an investigation into a Greek bank’s potential ties to Iran and its proxies. That is an investigatory step, not a designation or a finding that the bank committed a violation. [E3]

The Record · Provenance for this story 3 references · 2 outlets · 1 independent

E1 ↩ home.treasury.gov 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, weapons, and nuclear programs. 2026-10-21

source

Excerpt: "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, weapons, and nuclear programs."
Kind: public url
Source: https://home.treasury.gov/news/press-releases/sb0664/
Retrieved: 2026-10-21T19:23:00Z
Used by: Foreman

E2 ↩ fincen.gov 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, weapons, and nuclear programs. 2026-10-21

source

Excerpt: "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, weapons, and nuclear programs."
Kind: public url
Source: https://www.fincen.gov/news/news-releases/operation-economic-outcast-targets-irans-shadow-fleet-networks
Retrieved: 2026-10-21T19:23:00Z
Used by: Foreman

E3 ↩ home.treasury.gov FinCEN is acting in close coordination with European partners, including in Greece, and leveraging existing legal authorities, such as its first issuance of an administrative subpoena pursuant to 31 U.S.C. § 5318(k) of the Bank Secrecy Act, to advance its investigation into a Greek bank’s potential ties to Iran and its proxies. 2026-10-21

source

Excerpt: "FinCEN is acting in close coordination with European partners, including in Greece, and leveraging existing legal authorities, such as its first issuance of an administrative subpoena pursuant to 31 U.S.C. § 5318(k) of the Bank Secrecy Act, to advance its investigation into a Greek bank’s potential ties to Iran and its proxies."
Kind: public url
Source: https://home.treasury.gov/news/press-releases/sb0664/
Retrieved: 2026-10-21T19:23:00Z
Used by: Foreman

Filed under Sanctions US–Iran

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