linked to the Iranian regime<\/a> said Saturday it is reviewing the accusations with \u201cutmost seriousness and attention.\u201d\u00a0<\/p>\nThe Treasury Department said Friday that \u201cunder Operation Economic Outcast, the U.S. Department of the Treasury\u2019s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would revoke Banque Misr UAE\u2019s correspondent banking access to U.S. financial institutions.\u201d\u00a0 \u00a0<\/p>\n
The Treasury described the bank as a \u201ccritical node\u201d for Tehran\u2019s access to American dollars.\u00a0\u00a0<\/p>\n
\n\u201cTreasury 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,\u201d it said. \u201cBecause 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.\u201d\u00a0<\/p>\n
Banque Misr said in a statement Saturday that it \u201caffirms 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.\u201d\u00a0<\/p>\n
\n\u201cWithin the framework of Banque Misr\u2019s 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,\u201d it added.\u00a0<\/p>\n
\u201cThe 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,\u201d it also said.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"UAE bank allegedly tied to Iranian networks is reviewing Treasury’s claims with ‘utmost seriousness’ A United Arab Emirates…\n","protected":false},"author":2,"featured_media":600314,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[220,903,42,630,225,43,40,38,41,39,126],"class_list":["post-600313","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-breaking-news","tag-current-news","tag-headlines","tag-latest-news","tag-national-news","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories","tag-world-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/600313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=600313"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/600313\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/600314"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=600313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=600313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=600313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}