US Edition
Published • loading... • Updated
US 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`.
Insights by Ground AI
35 Articles
35 Articles
The United States declares the Mbaer Merchant Bank of founder Mike Bär to be a money laundering risk. Financial Market Supervision (Finma) sends an auditor to the bank.
·Zürich, Switzerland
Read Full Article
US Moves to Cut Off Swiss Bank from Financial System over Alleged Iran, Russia Links
The US Treasury Department proposed a rule on Thursday that, if finalized, would sever MBaer Merchant Bank AG's access to the US financial system on the grounds the Swiss bank had supported illicit actors linked to Iran and Russia. The Treasury alleged MBaer and its employees had facilitated corruption linked to Venezuelan and Russian money laundering as well as money laundering and terrorist financing on behalf of Iran's Revolutionary Guard C…
·Riyadh, Saudi Arabia
Read Full Article
US Moves to Cut off a Swiss Bank over Alleged Iran and Russia Money ...
·Washington, United States
Read Full Article
Coverage Details
Total News Sources35
Leaning Left4Leaning Right6Center8Last UpdatedBias Distribution45% Center
Bias Distribution
- 45% of the sources are Center
45% Center
L 22%
C 45%
R 33%
Factuality
To view factuality data please Upgrade to Premium
