Two financial institutions in the United Arab Emirates were designated by the U.S. Department of Treasury on May 15 for assisting Iran in trying to evade international sanctions.

Al Hilal Exchange and Al Fida International General Trading, both based in Dubai, were found to have provided sanctioned Iranian banks access to foreign currency exchange, credit card services, and remittances.

In the formal Treasury announcement, Under Secretary for Terrorism and Financial Intelligence David S. Cohen said that the United States has “warned the financial community about the risks posed by Iran’s use of exchange houses and trading companies to evade sanctions, and today’s action makes clear that we will impose sanctions against non-bank financial institutions that facilitate Iran’s illicit conduct.”

Even though both entities designated by Treasury were located in Dubai, Treasury explicitly praised the U.A.E. for its efforts to combat illicit financial activity.