Treasury Targets Bank of Egypt Emirates Over Iran Ties
The U.S. Treasury Department has targeted the banking transactions of Bank Misr Emirates related to Iran, proposing a ban on American financial institutions from opening or maintaining correspondent accounts for this bank, in an effort to restrict Iran's financial channels used to access the international financial system and the dollar. The Central Bank of Egypt confirmed that the measure applies only to the bank's branch in the UAE conducting US dollar transactions, and that coordination with the American side continues to support the Egyptian banking sector. The bank and affiliated companies related to Iran, including "Bank Melli" and "Kameng Trading Limited," were accused of using financial networks to launder money and bypass Iranian sanctions, as part of Washington's campaign to cut off Iran's funding and support through tools of the global financial system.
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