| Source: US OFAC news |
| Summary: The U.S. Department of the Treasury, under Operation Economic Outcast, proposed a rule to revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions. The action targets the bank for processing approximately $1.8 billion for 103 companies linked to Iranian shadow banking networks between January 2024 and June 2026. These networks facilitate sanctions evasion, weapons procurement, and funding for terrorist proxies. Additionally, the Office of Foreign Assets Control (OFAC) sanctioned individuals and entities, including the manager of Bank Melli’s Dubai branch and a Hong Kong-based front company, for aiding Iran in accessing the international financial system and laundering funds. The proposed rule aims to sever Iran’s remaining financial lifelines and increase sanctions risks for entities continuing to engage with Iranian facilitators. The public comment period for the proposed rule closes 30 days after its Federal Register publication. |
| Read full article → |
Iran’s Access to UAE Banks Targeted Under Operation Economic Outcast
| Source: US OFAC news |
| Summary: The U.S. Department of the Treasury, under Operation Economic Outcast, proposed a rule to revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions. The action targets the bank for processing approximately $1.8 billion for 103 companies linked to Iranian shadow banking networks between January 2024 and June 2026. These networks facilitate sanctions evasion, weapons procurement, and funding for terrorist proxies. Additionally, the Office of Foreign Assets Control (OFAC) sanctioned individuals and entities, including the manager of Bank Melli’s Dubai branch and a Hong Kong-based front company, for aiding Iran in accessing the international financial system and laundering funds. The proposed rule aims to sever Iran’s remaining financial lifelines and increase sanctions risks for entities continuing to engage with Iranian facilitators. The public comment period for the proposed rule closes 30 days after its Federal Register publication. |
| Read full article → |
Geef een reactie