Info:
ONCU Trading is controlled by Asadollah Seifi and used to obfuscate the MODAFL Supply Division’s international financial activity.
Between 2021 and 2022, ONCU Trading was used to transfer collectively nearly 100 million AED to the Iran-based, MODAFL-affiliated exchange houses Omid Sepah, Hekmat Iranian, Sadaf Exchange, and Ansar Exchange.
Iranian money-changer Asadollah Seifi (Seifi) continued his involvement in sanctions evasion schemes following his March 26, 2019 designation pursuant to E.O. 13224 for providing material support to a vast currency exchange network overseen by Ansar Exchange, which supported the IRGC and MODAFL. Seifi conducts sanctions evasion activities in support of the MODAFL Supply Division in Emirati dirham (AED) through UAE-based shell companies. On instruction from the MODAFL Supply Division, Seifi establishes shell companies and accounts for MODAFL’s use, converts or transports foreign currency using couriers, retrieves revenue from oil and petrochemical sales through cover companies, and holds MODAFL Supply Division money in cover company accounts outside of Iran, often in the UAE. Seifi also transfers foreign currency to suppliers of the IRGC and MODAFL and directly to the IRGC-QF at the behest of the MODAFL Supply Division.
OFAC is re-designating Asadollah Seifi pursuant to E.O. 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, MODAFL.
Involved In:
Financial Services
Also Known As:
O N C U Trading L.L.C.
Organization Established Date:
24 Oct 2021
Country:
United Arab Emirates
Address:
Dubai, United Arab Emirates
Company Number:
1623913 (United Arab Emirates)
License:
993171 (United Arab Emirates)
Chamber of Commerce Number:
376875 (United Arab Emirates)