Washington flags UAE Bank of Egypt branches over money laundering concerns
Reports reveal that Egypt Jordan Bank branches in the UAE are raising international concerns due to transactions related to Iranian networks evading sanctions. The U.S. Treasury Department suspected that approximately $1.8 billion was transferred between January 2024 and June 2026 to 103 companies believed to be linked to Iran’s parallel financial system, in violation of anti-money laundering laws. The UAE Central Bank issued an urgent inspection to investigate these operations. Meanwhile, the U.S. Treasury confirmed that the proposed measure would be limited to the bank’s branches in the UAE and aims to prevent American banks from accessing the bank’s correspondent accounts to avoid the transfer of illegal transactions, without freezing the bank’s activities in Egypt or other countries.
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