US Treasury sanctions Hong Kong-based firm over Iran money laundering ties

The United States announced sanctions on a Hong Kong company on Friday for allegedly helping launder funds for a sanctioned Iranian exchange house, the latest Chinese entity to be targeted as part of Washington’s expanded efforts to squeeze Iran’s financial sector.

The development comes as Washington has in recent days slapped new Iran-related sanctions on various Chinese entities, prompting Beijing to vow retaliation just weeks before Chinese President Xi Jinping’s expected visit to the...