U.S. Treasury Targets Banque Misr UAE Access to American Banking System

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has announced a proposed rule to revoke Banque Misr UAE’s access to U.S. correspondent banking services as part of Operation Economic Outcast. The move follows allegations that the bank facilitated significant financial transactions for the Iranian regime. According to the U.S. Treasury, the bank processed billions of dollars in suspected transactions on behalf of Iranian interests over a two-and-a-half-year period. U.S. officials stated that this action is part of a broader effort to prevent the Iranian government from exploiting the international financial system. If finalized, the rule will effectively cut off the bank's direct access to the American financial system.