Foreign Relations

U.S. Proposes Cutting Banque Misr UAE From Dollar System Over Iran Links

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Courtroom-sketch editorial illustration of a Banque Misr branch building viewed from the front, with a central staircase, flanking trees and hedges, and flags above the entrance, drawn in warm ochre and slate-blue pastel with cross-hatching on sepia newsprint.

FinCEN proposed finding Banque Misr UAE to be a primary money-laundering concern and cutting its five UAE branches from U.S. correspondent banking. The agency identified 103 potential Iranian shadow-banking front companies that moved about $1.8 billion through the bank from January 2024 through June 2026. Treasury said the network included apparent fronts used by Iran’s Defense Ministry and IRGC. The proposed rule applies only to the UAE branches, not Banque Misr operations elsewhere, and comments are due 30 days after Federal Register publication.

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