The Globe and Mail reports in its Wednesday, May 13, edition that President Donald Trump is increasing economic pressure on Iran by urging domestic and foreign businesses, particularly banks, to combat oil smuggling. The Globe's Rita Trichur writes that the Financial Crimes Enforcement Network issued a new alert on Monday, encouraging financial institutions to identify and disrupt illicit financial flows from black market oil sales that support Iran's Islamic Revolutionary Guard Corps. The IRGC's modus operandi includes laundering the proceeds of energy trafficking through shell companies, falsified documents, financial facilitators and cryptocurrencies, according to FinCEN. "Financial institutions should be on notice that they have a responsibility to detect suspicious activity and stop it in its tracks," said Secretary of the Treasury Scott Bessent. Washington warned it may take action against any foreign companies, including airlines and shipping firms, that support illicit energy sales by Iran. The U.S. has threatened secondary sanctions on foreign banks involved with Chinese "teapot" refineries buying Iranian oil, a topic likely to be discussed in Mr. Trump's meeting with Chinese President Xi Jinping this week.