The U.S. Treasury Department announced actions against an alleged UAE banking channel used by Iran under Operation Economic Outcast. FinCEN proposed a Section 311 rule that would cut Banque Misr UAE—not the bank's operations in other countries—off from U.S. correspondent banking. Treasury estimates its UAE operation processed about $1.8 billion for 103 companies potentially tied to the regime's shadow-banking networks from January 2024 to June 2026, including apparent fronts used by MODAFL and the IRGC.

OFAC separately designated:

  • Reza Mohammad Taeedi — general manager of Bank Melli's Dubai branch
  • Kameng Trading Limited — Hong Kong company used by sanctioned Pedram Pirouzan/Opal Exchange to launder funds for the regime, according to Treasury

Source: https://home.treasury.gov/news/press-releases/sb0617