US cuts off major Egyptian bank from global financial system
US cuts off major Egyptian bank from global financial system The US Treasury on Friday announced plans to cut off Banque Misr's branches in the United Arab Emirates from the global financial system, as the Trump administration seeks to "asphyxiate" what it said were Iran's "enablers". Banque Misr is Egypt's second-largest bank. Its Emirati arm will no longer be able to do business in US dollars…
The United States government announced on Friday its decision to sever Banque Misr's branches in the United Arab Emirates from the global financial system, as part of its efforts to curb Iran's access to U.S. dollars. Banque Misr, Egypt's second-largest bank, will see its Emirati subsidiary lose its ability to conduct business in U.S. dollars starting September 28.
The 30-day notice period for public input on the proposed rule is currently open. The Financial Crimes Enforcement Network (FinCEN), a department under the Treasury, proposed the rule, arguing that Banque Misr UAE is a key avenue for the Iranian regime's access to U.S. dollars.
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