U.S. Treasury Moves to Cut Swiss Bank MBaer Off From American Financial System Over Iran and Russia Ties

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) proposed a rule Wednesday that would sever Swiss bank MBaer Merchant Bank AG's access to the U.S. financial system. Since its founding, MBaer and its employees have enabled money laundering and illicit finance, including facilitating corruption linked to Russian money laundering and terrorist financing on behalf of Iran aligned groups, including the Islamic Revolutionary, Guard Corps and its Quds Force. Treasury Secretary Scott Bessent confirmed MBaer funneled over $100 million through the U.S. financial system for illicit actors tied to Iran and Russia. When finalized, the rule would prohibit U.S. financial institutions from opening or maintaining accounts for MBaer.