US Set to Cut Off MBaer Merchant Bank in Crackdown on Illicit Financial Activities
The US Treasury is poised to block MBaer Merchant Bank from the US financial system for aiding Iranian and Russian actors. This measure coincides with indirect US-Iran talks in Geneva regarding nuclear negotiations. The bank allegedly funneled over $100 million illicitly, raising national security concerns.
- Country:
- United States
The United States is moving to isolate MBaer Merchant Bank, a minor Swiss financial institution, from the US financial system due to its alleged involvement with Iranian and Russian entities. This decision coincides with indirect nuclear negotiations between the US and Iran, taking place in Geneva.
The Treasury's Financial Crimes Enforcement Network has proposed a federal regulation to prohibit US banks from conducting business with MBaer Merchant Bank AG, citing its facilitation of over $100 million in illicit transactions on behalf of criminal actors from Iran and Russia.
With its relatively modest size, MBaer has been identified as a potential risk to US national security, described as a critical access node for illicit finance. This initiative reaffirms the Treasury's commitment to safeguarding the integrity of the US financial system, as emphasized by Treasury Secretary Scott Bessent.
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