US moves to sever Swiss bank over Iran, Russia, Venezuela links
The US Treasury Department on Thursday proposed a rule to cut Swiss lender MBaer Merchant Bank AG off from the US financial system, alleging it handled funds tied to illicit networks linked to Iran and Russia.
The US Treasury said the bank and some employees enabled money laundering connected to Venezuelan and Russian corruption and processed transactions benefiting Iran’s Revolutionary Guards and its Quds Force, both under US sanctions.
"MBaer has funneled over a hundred million dollars through the US financial system on behalf of illicit actors tied to Iran and Russia," Treasury Secretary Scott Bessent said in a statement.
"Banks should be on notice that the US Treasury will aggressively protect the integrity of the US financial system using the full force of our authorities," Bessent added.
If finalized, the measure would bar US financial institutions from maintaining correspondent accounts for MBaer. The Treasury’s Financial Crimes Enforcement Network opened a 30-day public comment period before making a final decision.










