Treasury Secretary Scott Bessent called on U.S. allies on Tuesday to “step up” and join Washington in taking aggressive economic action against Iran and its broader terrorism financing networks.

Speaking at the No Money for Terror Conference in Paris, Bessent said that while the U.S. is “hardly alone in facing the scourge of terrorism,” international partners have failed to do enough to target the covert financial architectures that sustain Iran, transnational criminal organizations and regional proxies.

“Too often, we seem to be alone in our resolve to thwart it,” Bessent said, calling on gathered G7 nations to “join us in rooting out the financing that sustains it — from shell companies that are embedded within Europe, to shadow banking networks that lurk across the Middle East and drug cartels across the Western Hemisphere.”

Specifically, the treasury secretary pressed European nations to directly target Iranian financial infrastructure by “designating its financiers, unmasking its shell and front companies, shuttering its bank branches and dismantling its proxies.”

“It will require those of you in the Middle East and Asia to root out Iran’s shadow banking networks,” he added. “And it will require our partners around the globe to respond with force to the array of terrorists that we face — from Hezbollah to the Sinaloa Cartel. As threats move across boundaries, our unity of purpose must transcend every border.”

The remarks underscore the Trump administration’s continued use of sanctions and secondary financial tools to pressure Tehran amid the Iran war.

“For our part, no adversary has felt the force of America’s economic statecraft more ruinously than Iran,” Bessent said. 

The administration has disrupted “tens of billions” in projected Iranian oil revenue, frozen nearly half a billion dollars in regime-linked cryptocurrency,and significantly intensified its crackdowns on Tehran’s illicit shadow banking systems, he said.

“As the regime confronts the wreckage of its military, Treasury will remain relentless in our pursuit to constrict the network of vessels, intermediaries and buyers through which Iran exports both its oil and malevolence,” Bessent said.

Bessent’s comments in Paris came the same day that the Treasury Department’s Office of Foreign Assets Control announced sanctions against four individuals associated with the Global Samud Flotilla, which the department said has been organized by the U.S.-designated Popular Conference for Palestinians Abroad, alongside several other actors operating inside Hamas-aligned Muslim Brotherhood networks.

“The pro-terror flotilla attempting to reach Gaza is a ludicrous attempt to undermine President Trump’s successful progress toward lasting peace in the region,” Bessent said in a concurrent statement released by the department. “Treasury will continue to sever Hamas’ global financial support networks, no matter where in the world they are.”