US Targets UAE Bank for Alleged Iran Money-Laundering Ties

The US Treasury Department has targeted Banque Misr's UAE operations for allegedly serving as a 'significant conduit for Iranian shadow banking.'

According to the Treasury, this allowed Iranian entities access to U.S. dollars despite sweeping U.S. sanctions against the country.

The agency accused Banque Misr's UAE operations of facilitating $1.8 billion in transactions through 103 potential front companies from January 2024 to June 2026.

Treasury Secretary Bessent is invoking powers under Section 311 of the USA PATRIOT Act, which allows the Treasury secretary to take action against foreign banks that present a 'primary money-laundering concern' to the U.S.