BAKU, Azerbaijan, August 28. US Treasury Secretary Scott Bessent says the United States is moving against the UAE operations of Egyptian lender Banque Misr over alleged financial dealings linked to Iran.
In a statement on Friday, the US Treasury said its Financial Crimes Enforcement Network (FinCEN) had proposed cutting Banque Misr UAE’s correspondent banking access to US financial institutions. The measure forms part of Washington’s “Operation Economic Outcast”, aimed at increasing Iran’s economic isolation.
Bessent said banks had already been warned against conducting business with Iran and that institutions facilitating Tehran’s financial activities risk losing access to the US dollar and the global financial system.
According to the Treasury, Banque Misr’s UAE branches processed approximately $1.8 billion in transactions for 103 companies potentially linked to Iranian “shadow banking” networks between January 2024 and June 2026.
The US authorities allege that some of the bank’s customers were front companies used by Iranian entities to circumvent sanctions and move funds through the international financial system. FinCEN has identified Banque Misr UAE as a “primary money laundering concern”.
The proposed restrictions apply specifically to Banque Misr’s operations in the United Arab Emirates rather than the Egyptian banking group as a whole. Reuters reported that the bank can continue conducting US-dollar operations through its Cairo headquarters and branches elsewhere.
The Treasury also announced measures targeting Reza Mohammad Taeedi, general manager of Iran’s Bank Melli branch in Dubai, and Hong Kong-based Kameng Trading Limited as part of the same campaign.
The latest action marks an escalation in Washington’s effort to target financial institutions it accuses of providing Iran with access to international markets and the US dollar.
