All articles tagged with #banque misr uae
An Iran International investigation shows Iran’s shadow banking extends far beyond the sanctioned core, using 15 foreign banks in the UAE and China to move billions; most of these banks have not faced U.S. penalties, and enforcement gaps suggest the network’s full scale is much larger than the seven‑month snapshot.
The US Treasury is revoking Banque Misr UAE’s access to the US dollar financial system via a FinCEN rule that would block its USD correspondent banking, a process that could take effect after a public comment period. Officials say Banque Misr UAE handled about $1.8 billion for 103 Iran-linked entities from Jan 2024 to Jun 2026, part of Iran’s shadow banking networks that rely on USD access. Banque Misr says it is reviewing the notice and will seek clarifications; Egyptian authorities note the measure affects only the UAE branch’s USD transactions, not Banque Misr’s operations in Egypt or other branches, while the UAE central bank is conducting a special examination. The move is part of the broader Operation Economic Outcast, with OFAC also sanctioning Bank Melli’s Dubai branch manager and other Iranian-linked entities; Iran has rejected the sanctions.
The U.S. Treasury plans to revoke Banque Misr UAE’s access to U.S. financial institutions over links to Iran, sanctioning a Dubai-based branch that handled about $1.8 billion for roughly 100 Iran-connected entities. This move is part of a broader sanctions campaign dubbed Operation Economic Outcast to sever Iran’s global economic ties, with additional sanctions already imposed on Bank Melli Dubai and related entities.