U.S. Treasury Targets Swiss Bank for Illicit Ties

The U.S. Treasury Department has proposed a rule to disconnect MBaer Merchant Bank AG from the U.S. financial system. The Swiss bank is accused of aiding illicit actors linked to Iran and Russia, facilitating corruption, money laundering, and terrorist financing, including ties to Iran's sanctioned Islamic Revolutionary Guard Corps.

The U.S. Treasury Department has made a significant move against Switzerland's MBaer Merchant Bank AG, proposing to cut its ties with the U.S. financial system. This proposal comes amid allegations that MBaer has engaged in activities supporting illicit actors connected to Iran and Russia.

The Treasury claims that MBaer and its employees were involved in facilitating corruption, including Russian money laundering operations. Additionally, they are accused of supporting money laundering and terrorist financing activities tied to Iran's sanctioned Islamic Revolutionary Guard Corps and its Quds Force.

"MBaer has funneled over a hundred million dollars through the U.S. financial system on behalf of illicit actors," stated Treasury Secretary Scott Bessent. He warned banks to be alert as the Treasury is determined to uphold the integrity of the U.S. financial system by using its full authority.

(With inputs from agencies.)