US EditionUS Moves to Cut Swiss Bank Off from Financial System Over Iran, Russia Ties
The U.S. Treasury targets MBaer for enabling money laundering linked to Iran, Russia, and Venezuela, citing over $100 million funneled through U.S. banks, officials said.
- On Feb 26, the U.S. Treasury Department proposed a rule to sever MBaer Merchant Bank AG's access to the U.S. financial system and barred covered U.S. financial institutions from maintaining correspondent accounts for MBaer, opening a 30-day comment period.
- Treasury alleges MBaer aided money laundering, corruption, and terrorist financing for Iran's Islamic Revolutionary Guard Corps, Russian criminal actors, and actors linked to Venezuelan corruption since its inception.
- MBaer, founded in 2018, held roughly $245 million in assets in 2020, ranking as the 200th largest bank in Switzerland.
- If finalized, the rule would sever MBaer’s access to the U.S. dollar-based financial system by blocking correspondent accounts, as Treasury Secretary Scott Bessent said it risks U.S. national security.
- The move coincides with U.S. and Iranian officials holding indirect talks in Geneva on Thursday, while Treasury Secretary Scott Bessent warned banks they `should be on notice`.
39 Articles
39 Articles
The bank is accused of corruption in connection with money laundering for Russian and Venezuelan players, but the Swiss Financial Supervisory Authority is conducting its own procedure.
The Treasury Department announced this Thursday that it seeks to isolate the Swiss bank MBaer Merchant Bank AG from the US financial system, by pointing out alleged links of the Swiss institution with sanctioned figures related to the regimes of Iran and Russia. Federal officials claim that MBaer and some of its employees facilitated corrupt financial flows connected with Russian money laundering schemes and helped process transactions linked to…
The United States declares the Mbaer Merchant Bank of founder Mike Bär to be a money laundering risk. Financial Market Supervision (Finma) sends an auditor to the bank.
US Moves to Cut Off Swiss Bank from Financial System over Alleged Iran, Russia Links
The US Treasury Department proposed a rule on Thursday that, if finalized, would sever MBaer Merchant Bank AG's access to the US financial system on the grounds the Swiss bank had supported illicit actors linked to Iran and Russia. The Treasury alleged MBaer and its employees had facilitated corruption linked to Venezuelan and Russian money laundering as well as money laundering and terrorist financing on behalf of Iran's Revolutionary Guard C…
Coverage Details
Bias Distribution
- 43% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
