Accused of Being an Iran Facilitator, US to Cut Banque Misr UAE from Global Financial System

The US Treasury on Friday announced plans to cut the UAE branch of Banque Misr from the global financial system. The move comes as the Trump administration seeks to ‘silence’ parties deemed to be ‘facilitators’ for Iran.

Banque Misr is Egypt’s second-largest bank. Under the new plan, its UAE business unit will no longer be permitted to conduct transactions in US dollars starting 28 September.

A 30-day notice period is now open for public comment—a process in which the US government gathers messages of support or opposition that could influence the final decision.

‘The Financial Crimes Enforcement Network (FinCEN) of the US Treasury is proposing a rule that would revoke Banque Misr UAE’s correspondent banking access to US financial institutions. The Treasury assesses Banque Misr UAE as a critical node for the Iranian regime to access US dollars,’ the Treasury’s official statement read.

The programme, titled ‘Operation Economic Outcast’, was announced by Treasury Secretary Scott Bessent on Monday as part of Washington’s efforts to tighten pressure on Iran amid the impasse in the Strait of Hormuz.