Alleged Iran, Russia links: US proposes severing Swiss bank from financial system

WASHINGTON: The US Treasury Department on Thursday proposed a rule that, if finalized, would sever MBaer Merchant Bank AG’s access to the US financial system on the grounds the Swiss bank had supported illicit actors linked to Iran and Russia.

The Treasury alleged MBaer and its employees had facilitated corruption linked to Russian money laundering as well as money laundering and terrorist financing on behalf of Iran’s Islamic Revolutionary Guard Corps and its Quds Force, which are sanctioned by the US

“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.”