π° US Treasury targets Emirati bank over Iran links
Federal officials proposed using the Patriot Act to cut Banque Misr UAE's access to the U.S. financial system. This action targets the Emirati bank for its role as a key financial lifeline to the Iranian regime in the UAE. Between January 2024 and June 2026, the bank handled $1.8 billion for 103 companies flagged as part of Iranian shadow banking networks. FinCEN stated that the bank's clients include fronts for Iran's Defense Ministry and IRGC for sanctions evasion. Treasury's action would prohibit the provision of U.S. correspondent accounts to the lender. π°