Iran’s Access to UAE Banks Targeted Under Operation Economic Outcast

Banque Misr UAE Processed Suspected Billions for Iranian Regime in Just 2.5 YearsWASHINGTON, D.C. —Today, under Operation Economic Outcast, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions.“Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime,” said Secretary of the Treasury Scott Bessent. “We also warned that Iran’s enablers cannot continue to enjoy access to the U.S. dollar and the global financial system. Banque Misr UAE decided to find out the hard way, and today, we are taking the first step in holding it accountable for its continued, egregious support of the Iranian regime.”Additionally, Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Reza Mohammad Taeedi, the manager of Bank Melli’s Dubai branch.