US EditionUS Moves to Cut Swiss Bank Off from Financial System Over Iran, Russia Ties
The U.S. Treasury targets MBaer for enabling money laundering linked to Iran, Russia, and Venezuela, citing over $100 million funneled through U.S. banks, officials said.
- On Feb 26, the U.S. Treasury Department proposed a rule to sever MBaer Merchant Bank AG's access to the U.S. financial system and barred covered U.S. financial institutions from maintaining correspondent accounts for MBaer, opening a 30-day comment period.
- Treasury alleges MBaer aided money laundering, corruption, and terrorist financing for Iran's Islamic Revolutionary Guard Corps, Russian criminal actors, and actors linked to Venezuelan corruption since its inception.
- MBaer, founded in 2018, held roughly $245 million in assets in 2020, ranking as the 200th largest bank in Switzerland.
- If finalized, the rule would sever MBaer’s access to the U.S. dollar-based financial system by blocking correspondent accounts, as Treasury Secretary Scott Bessent said it risks U.S. national security.
- The move coincides with U.S. and Iranian officials holding indirect talks in Geneva on Thursday, while Treasury Secretary Scott Bessent warned banks they `should be on notice`.
43 Articles
43 Articles
The bank is accused of corruption in connection with money laundering for Russian and Venezuelan players, but the Swiss Financial Supervisory Authority is conducting its own procedure.
The Treasury Department announced this Thursday that it seeks to isolate the Swiss bank MBaer Merchant Bank AG from the US financial system, by pointing out alleged links of the Swiss institution with sanctioned figures related to the regimes of Iran and Russia. Federal officials claim that MBaer and some of its employees facilitated corrupt financial flows connected with Russian money laundering schemes and helped process transactions linked to…
US threatens to cut off Swiss bank from financial system over alleged Iran, Russia ties
The Treasury Department on Thursday threatened to cut off MBaer Merchant Bank AG’s access to U.S. financial institutions over the Swiss bank’s alleged ties to sanctioned Iranian and Russian actors. The Treasury Department accused MBaer and its employees of enabling corruption linked to Russian money laundering, as well as money laundering and terrorist financing on…
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