WASHINGTON, Oct. 17 (Xinhua) -- The U.S. Department of the Treasury on Wednesday imposed sanctions on Afaq Dubai, an Iraq-based money services business (MSB), accusing it of moving money for the Islamic State (IS) in Iraq and Syria.

In a statement, the Treasury said that the MSB is a part of IS's financial network that includes an array of other MSBs, hawalas, and financial facilitators funding terrorism across the Middle East.

It also said it had named Afaq Dubai as a Specially Designated Global Terrorist for "assisting in, sponsoring, or providing financial, material, or technological support for, or financial or other services to or in support of IS."

The MSB is located in Iraq and does not have any branches in the United Arab Emirates, the department said, adding that in May 2018, a Jordan-based IS financial facilitator deposited 3 million U.S. dollars from Iraqi dinar into three exchanges, including Afaq Dubai.

"We are targeting this network in concert with the Department of Defense as part of this Administration's ongoing campaign to cut off ISIS's ability to launder money and move illicit funds," said Sigal Mandelker, Treasury Under Secretary for Terrorism and Financial Intelligence.

"Even as ISIS's hold on territory is eliminated, we will continue to search for and shut down the illicit financial networks ISIS utilizes to fund terror attacks and sustain operations," Mandelker said.

As a result of the sanction, all property and interests in property of Afaq Dubai subject to U.S. jurisdiction are blocked and U.S. persons are generally prohibited from engaging in transactions with them.