Treasury Targets Egyptian Bank Over $1.8B Iran Flows

The U.S. Treasury Department moved Friday to cut the United Arab Emirates branches of Egypt's state-owned Banque Misr out of the American financial system, accusing the bank of serving as a conduit for Iranian money.

Treasury's Financial Crimes Enforcement Network proposed a rule revoking the bank's correspondent banking access to U.S. financial institutions — the first use of that FinCEN authority under Operation Economic Outcast, the Trump administration's campaign to economically isolate Tehran.

FinCEN says Banque Misr's UAE operation processed roughly $1.8 billion for 103 potentially Iran-linked companies between January 2024 and June 2026.

What Treasury Did

Five UAE branches of Banque Misr were named a primary money laundering concern under the Patriot Act. The bank's Cairo headquarters and its branches in Paris, Frankfurt, Riyadh, Beirut and Djibouti are not covered by the action.

Treasury also designated Reza Mohammad Taeedi, the general manager of Bank Melli's Dubai operation, as a Specially Designated Global Terrorist, and sanctioned Hong Kong-based Kameng Trading Limited for allegedly laundering money for an Iranian exchange house.

Treasury describes the target as Iran's "shadow banking" network — funds routed through foreign banks that are not themselves sanctioned, which Washington says Tehran uses to launder money, buy weapons and finance regional proxy groups.