The US Treasury’s FinCEN proposed on August 28 a rule to revoke Banque Misr UAE’s access to US correspondent banking, accusing the bank of serving as a pipeline for approximately $1.8 billion in transactions linked to Iranian shadow banking networks. The alleged transactions involved 103 companies connected to Iran’s Ministry of Defense, the Islamic Revolutionary Guard Corps, and individuals linked to Supreme Leader Mojtaba Khamenei. This action represents the sharpest measure under Operation Economic Outcast, announced by Treasury Secretary Scott Bessent on August 24 to financially isolate Iran. The proposed rule targets only Banque Misr’s UAE branches, not its Cairo headquarters, and remains subject to a comment period before final adoption.
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