The Financial Crimes Enforcement Network today proposed a new rule to cut off a branch of an Egyptian bank from the U.S. financial system as part of the Trump administration’s effort to economically isolate Iran.
The proposed rulemaking would designate Banque Misr’s branch in the United Arab Emirates as a financial institution of primary money laundering concern. U.S. financial institutions would be prohibited from opening or maintaining a correspondent account for, or on behalf of, Banque Misr UAE.
The proposed rule is part of Operation Economic Outcast, which seeks to cut off Iran from the world’s financial system. In a statement, the Treasury Department said Banque Misr UAE “is a critical node for the Iranian regime’s access to U.S. dollars.”
