$1,800,000,000 in Iran-Linked Funds Transferred To Unnamed U.S. Banks From UAE, Treasury Says
The U.S. Treasury Department says massive amounts of money tied to Iran are still moving through American banks each year.
The allegations come as the Treasury moves to restrict an Emirati branch of Banque Misr from accessing U.S. correspondent accounts.
The branch kept dollar accounts at three U.S. financial institutions, although the Treasury does not name them, reports The Wall Street Journal.
Officials allege that the Emirati branch processed as much as $1.8 billion for firms connected to Iranian shadow banking from January of 2024 through June of 2026.
Iran still uses foreign banks in places such as the United Arab Emirates and China that hold correspondent accounts in the United States. Front companies help hide the source of the transfers so they can reach dollar clearing.
Separately, Treasury says it identified about $9 billion in Iranian-linked funds moving through U.S. banks across all channels in 2024, a wider tally than the Banque Misr UAE figure.
The restrictions target the Banque Misr UAE branch under Operation Economic Outcast, a campaign to raise financial pressure on Tehran. The step is proposed, not already in force.
… Continue reading the full article at the original source below.
