U.S. Treasury Takes Aim at MBaer's Financial Access
The U.S. Treasury Department has proposed a rule to cut MBaer Merchant Bank AG's access to the American financial network, citing the bank's involvement with illicit activities linked to sanctioned countries. Comments on the proposal are invited for evaluation before the rule is finalized.
The U.S. Treasury Department announced a proposal on Thursday to block MBaer Merchant Bank AG from accessing the U.S. financial system, citing the bank's alleged connections to Iranian and Russian illicit activities. If enacted, this would directly target the Swiss bank's operations in the U.S. financial markets.
Treasury Secretary Scott Bessent highlighted that MBaer has reportedly funneled over a hundred million dollars through the U.S. financial system to support entities linked to Iran's Islamic Revolutionary Guard Corps and Russia. The allegations extend to facilitating Venezuelan corruption and terrorist financing.
The proposed regulations would prevent U.S. financial institutions from maintaining accounts for MBaer, significantly impacting its capability to transact in the U.S. The Treasury’s Financial Crimes Enforcement Network has opened a 30-day period for public comments on the rulemaking process aimed at cutting off the bank's access.
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