US Targets Egyptian Bank’s UAE Branches Under New Push for Iran’s Economic Isolation
Treasury said the bank processed about $1.8 billion for 103 suspected front companies tied to Iranian shadow banking networks.
- On Friday, the Treasury Department proposed cutting Banque Misr UAE from U.S. correspondent banking access, identifying the United Arab Emirates branch as a "primary money laundering concern."
- Banque Misr UAE processed about $1.8 billion for 103 companies over two years, which Treasury claims are front entities for Iran's Defense Ministry and Islamic Revolutionary Guard Corps.
- This action follows Treasury Secretary Scott Bessent launching "Operation Economic Outcast" four days ago; Bessent warned that "Iran's enablers cannot continue to enjoy access to the U.S. dollar and the global financial system."
- Additionally, the Office of Foreign Assets Control sanctioned Bank Melli Dubai manager Reza Mohammad Taeedi and Hong Kong-registered Kameng Trading Limited for laundering funds for the Islamic Revolutionary Guard Corps Quds Force.
- The proposed rule faces a 30-day public comment period before taking effect, while Bessent is set to attend Group of 20 finance ministers meetings next week to encourage international participation in Iran's economic isolation.
93 Articles
93 Articles
US due to cut off UAE branches of Egypt's Banque Misr over Iran ties
The US Treasury Department is due to cut off a major Egyptian bank's operations in the United Arab Emirates from the US financial system, an official said Friday, as Washington pushes to choke Iran off economically.
Al Bawaba
albawaba.netBanque Misr issued a statement on Saturday clarifying that it intends to review a notice issued by the US Treasury Department regarding restrictions on dollar correspondent banking services for its branch in the UAE.
U.S. restricts UAE bank branch over Iran links as Africa’s 2nd-largest economy says its banks are unaffected
The Central Bank of Egypt (CBE) has announced that recent financial restrictions imposed by the U.S. on the United Arab Emirates branch of Banque Misr do not impact the bank's domestic operations or any other financial institutions in Egypt.
US imposes new sanctions on Iran, targets regime’s use of dollar
WASHINGTON/TEHRAN - The US Treasury Department’s Financial Crimes Enforcement Network on Friday proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to US financial institutions as part of a new sanctions campaign targeting Iran.
Nemos News Network
First Secondary Sanctions Applied: US Blocks Egyptian Bank From Accessing Dollars Over ‘Iran Ties’
First Secondary Sanctions Applied: US Blocks Egyptian Bank From Accessing Dollars Over ‘Iran Ties’ The US Treasury Department on Friday unveiled its first ‘secondary’ Iran sanctions related to Trump’s ‘Economic D-Day’ against Iran, on Friday naming an Egyptian bank in the UAE. Ironically both of these latter countries are close American allies, and this comes at a moment the White House has failed to confirm whether the US will actually go aft…
(Seoul = Yonhap News) Reporter Oh Su-jin = After the U.S. announced large-scale economic sanctions against Iran, new sanctions targeting a major Egyptian bank on the 28th (local time)...
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