Strait of Hormuz traffic remains below normal as US sanctions pressure Iran
UAE bank allegedly tied to Iranian networks is reviewing Treasury’s claims with ‘utmost seriousness’
A United Arab Emirates branch of an Egyptian bank that the Treasury Department says is linked to the Iranian regime said Saturday it is reviewing the accusations with “utmost seriousness and attention.”
The Treasury Department said Friday that “under Operation Economic Outcast, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions.”
The Treasury described the bank as a “critical node” for Tehran’s access to American dollars.
“Treasury estimates that between January 2024 and June 2026, Banque Misr UAE processed approximately $1.8 billion for 103 companies that are potentially part of Iranian shadow banking networks,” it said. “Because Iran is already subject to comprehensive U.S. sanctions, in order to generate revenue abroad, it relies on multi-jurisdictional shadow banking networks that provide key access to U.S. dollar correspondent banking relationships. Iran uses these shadow banking networks to launder funds, procure weapons, and bankroll its regional terrorist proxy groups.”
Banque Misr said in a statement Saturday that it “affirms its full respect for the relevant regulatory and legal frameworks, its adherence to all applicable laws, regulations, instructions and supervisory controls, and its full and constructive cooperation with the relevant authorities.”
“Within the framework of Banque Misr’s full respect for the applicable regulatory process, the Bank clarifies that what has been announced constitutes a Notice of Proposed Rulemaking (NPRM), which is subject to a formal period for receiving and reviewing comments before any final rule is issued,” it added.
“The Bank is treating the NPRM and the information and assessments contained therein with the utmost seriousness and attention and is reviewing it thoroughly. The Bank will communicate with the U.S. Department of the Treasury to obtain further information and maintain ongoing cooperation, in preparation for taking the necessary legal and regulatory actions and submitting its response to the relevant authorities within the specified period,” it also said.