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Friday, September 11, 2026
Volume:
42
Issue:
10
Abstract:
On August 28, 20226, the United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would revoke Banque Misr United Arab Emirate’(UAE)s correspondent banking access. FinCEN’s action against Banque Misr UAE was taken under Operation Economic Outcast. In addition, Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Reza Mohammad Taeedi, the manager of Bank Melli’s Dubai branch. OFAC also sanctioned a Hong Kong-based front company that has allegedly assisted laundering funds for a sanctioned Iranian exchange house.[1]