US proposes cutting off access to Swiss bank's financial system over alleged ties to Iran and Russia

US Treasury Department proposes rule to cut off Swiss bank MBaer Merchant Bank AG from US financial system due to its support for illicit actors in Russia and Iran

By Gokhan Ergocun

ISTANBUL (AA) — The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule to sever Switzerland based MBaer Merchant Bank AG’s access to the US financial system.

Treasury Secretary Scott Bessent stated on Thursday that the Swiss-based bank has funneled over $100 million through US institutions on behalf of illicit actors tied to Iran and Russia.

The proposed rule would prohibit covered US financial institutions from opening or maintaining correspondent accounts for or on behalf of the bank.

Bessent warned that the US Treasury will aggressively protect the integrity of the financial system using the full force of its authorities.

FinCEN found that MBaer and its employees enabled money laundering and illicit finance activities including corruption linked to Russia.

The treasury also claimed that the bank facilitated "Iran-aligned foreign terrorist organizations, including the Islamic Revolutionary Guard Corps and its Quds Force."

Kaynak:

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