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الشرق الأوسط
UAE Procedures in Bank Misr Iran Case
An official from the Central Bank of the United Arab Emirates has confirmed that the measures being taken relate to an audit of the branches of Bank Misr in the UAE, particularly concerning their dealings with Iran. These actions are in accordance with legal frameworks following accusations from the United States regarding financial transfers totaling approximately $1.8 billion to companies linked to Iran. The UAE Central Bank indicated that a comprehensive inspection has been conducted to review the transactions of these branches during the specified period. This step is part of its supervisory role to protect the financial system, with an emphasis on ensuring that no preliminary conclusions are drawn until the investigations are complete. These procedures come after the US Treasury Department decided to cut dollar dealings with the branches of Bank Misr due to their transactions with Iran. There is also speculation about reviewing the legality of the companies involved with those branches, with a focus on compliance with legal sources and regulatory standards.
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