US to name Iran area of 'money laundering concern'

The United States Treasury Department plans to designate Iran as an area of "primary money laundering concern" on Monday, a US official said, a move allowing it to take steps to further isolate the Iranian financial sector.

The decision was reported earlier by ABC News and the Wall Street Journal. The newspaper said the Treasury would not formally sanction Iran's central bank, in part to avoid causing a sudden shock to oil prices. (Reuters)