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The Treasury Department recently slapped sanctions on a Turkey-based bank accused of helping Iran move money around the world. Senator Rick Scott reacted bluntly, saying “Turkey is NOT OUR FRIEND.” The new move is part of Operation Economic Outcast, and it should wake up every American who cares about our troops and our security.
What Treasury says happened
Officials say Golden Global Bank and its two Turkey-based subsidiaries handled tens of millions of dollars tied to Iran’s Islamic Revolutionary Guard Corps–Quds Force (IRGC-QF). The bank allegedly helped move oil revenue from China to Turkey so the cash could be converted into gold and carried abroad. Treasury also accused the bank of giving correspondent banking services to Iranian financial institutions, letting Iran hide and move money around the world.
Why Senator Rick Scott is on the right track
Senator Scott called out Turkey after the sanctions were announced. He’s not being dramatic. Money that reaches the IRGC-QF can fund groups that attack Americans and allied forces. That is a national security problem, plain and simple. Turkey is a NATO ally on paper, but if Turkish banks or businessmen are helping Tehran move money, that alliance looks a lot less helpful in practice.
What should happen next
Operation Economic Outcast is a good start, but it can’t stop at naming one bank. The administration should widen the net to include the people and firms that run these schemes. That means more targeted sanctions, visa bans for culpable actors, tighter oversight of correspondent banking, and clear consequences for businesses caught moving illicit Iranian funds. Congress should hold hearings and force a public accounting. Allies need to be enlisted to choke off every banking route Iran uses.
We cannot treat a country like a friend when its banks may be lining the pockets of our enemies. Treasury Secretary Scott Bessent deserves credit for pointing the spotlight where it belongs. Now policymakers must follow with action. If we want to keep American families and troops safe, tough talk has to turn into tougher, sustained consequences — no wiggle room, no excuses.
