The U.S. Treasury Department announced plans Thursday to cut off a Swiss bank's access to American financial systems. Officials allege MBaer Merchant Bank AG helped launder money for Iranian and Russian criminal organizations.
WASHINGTON – Federal officials announced Thursday they want to completely disconnect a Swiss financial institution from America’s banking network, accusing the company of helping criminals tied to Iran and Russia move money illegally.
The Treasury Department claims MBaer Merchant Bank AG and its workers helped facilitate corrupt activities involving Russian money laundering schemes. Officials also say the bank assisted with money laundering and terrorism funding operations for Iran’s Islamic Revolutionary Guard Corps and its Quds Force, both organizations currently under U.S. sanctions.
Treasury Secretary Scott Bessent issued a strong warning about the allegations. “MBaer has funneled over a hundred million dollars through the U.S. financial system on behalf of illicit actors tied to Iran and Russia,” Bessent stated. “Banks should be on notice that the U.S. Treasury will aggressively protect the integrity of the U.S. financial system using the full force of our authorities.”
The proposed regulation, if approved, would completely block the Swiss bank from conducting any business through U.S. financial channels.
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