US Treasury moves to cut off UAE bank over alleged Iranian shadow banking
Treasury Secretary Scott Bessent announced a move to cut off about $1.8 billion that Banque Misr UAE allegedly processed from January 2024 to June 2026 for 103 companies that the department links to Iranian shadow banking networks. The Treasury listed the bank's five UAE branches as a financial institution of primary money laundering concern, a designation that could bar them from the US financial system under the Patriot Act within 30 days. The action is part of Operation Economic Outcast, which maps and targets Iran's revenue channels, and could restrict dollar access used to fund sanctioned activities.
Treasury seeks to cut off $1.8 billion through Banque Misr UAE
Context
The war involving Iran has passed six months with no peace deal. Treasury launched Operation Economic Outcast to map and target Iranian revenue networks. A final rule could appear in the Federal Register within 30 days and may end the…
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