FY International Trading Co., Limited (FYIT) is a Hong Kong-based front company for PKGB that has procured orders of UAV engines and Western-origin carburetors for PKGB. FYIT has conducted millions of dollars’ worth of transactions through the U.S. financial system, including sending or receiving transactions of more than $16 million since 2021. FYIT has received transactions from OFAC designated Torgan Co. Limited and Lowell Limited, demonstrating FYIT’s connection to Iranian shadow banking networks, a multi-jurisdictional illicit finance system that grants Iranian entities access to the international financial system and obfuscates Iranian trade with foreign customers.
End users of FYIT’s UAV-related procurements for PKGB include the Shahed Aviation Industries Research Center. On November 15, 2022, OFAC designated Iran’s SAIRC, a firm subordinate to the IRGC Aerospace Force (IRGC ASF) that designs and manufactures the Shahed-136 one-way attack UAV that Iran has supplied to Russia for use against Ukraine. The IRGC ASF was designated pursuant to E.O. 13382 on June 16, 2010.
FY International Trading have operated as covert procurement entities for OFAC designated Hamed Dehghan and Pishtazan Kavosh Gostar Boshra (PKGB), who are actively engaged in supporting multiple Iranian military organizations, including the Islamic Revolutionary Guard Corps (IRGC). Additionally, OFAC is designating a Hong Kong-based front company involved in the sale of hundreds of millions of dollars’ worth of Iranian commodities for the benefit of the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).
“Iran’s continued proliferation of its advanced conventional weapons, including the UAVs and missiles that target U.S. soldiers, remains a critical threat to the stability of the region,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “We will not hesitate to leverage our full suite of tools to disrupt the illicit procurement networks that supply the components for these weapons systems, as well as hold accountable those who seek to export these weapons to terrorist proxy groups.”
Also Known As:
FY International Trading Co., Limited
FY International Trading Company
FY International Trading Company, Limited
Organization Established Date:
11 Apr 2019
Add. Flat 2002C, 20F, Multifield Commercial Centre, 426 Shanghai Street, Mongkok, Kowloon, Hong Kong, China
Workshop 603F, Block A, East Sun Industrial Centre, No. 16 Shing Yip Street, Kowloon, Hong Kong, China
2814827 (Hong Kong)
Reason for the color:
» Added to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on February 2, 2024 pursuant to Executive Order 13382, which targets proliferators of weapons of mass destruction and their means of delivery. This designation was enabled by key data from Treasury’s Financial Crimes Enforcement Network (FinCEN);