The US Treasury Department proposes to disconnect the Swiss MBaer Merchant Bank from access to the American banking system due to its ties with Russia, Iran, and Venezuela. Reuters writes about this, as reported by UNN.
The US Treasury Department dealt a potentially devastating blow to the Swiss private bank MBaer Merchant Bank AG, threatening to cut off its access to the US financial system based on violations of sanctions against Iran, Russia, and Venezuela.
The US Treasury accused MBaer and its employees of facilitating corruption related to money laundering from Venezuela and Russia, as well as money laundering and terrorist financing on behalf of Iran's Islamic Revolutionary Guard Corps and its Quds Force, which are under US sanctions.
MBaer stated that it would comment on the US announcement after consulting with its American lawyers.
MBaer transferred over one hundred million dollars through the US financial system on behalf of illicit actors linked to Iran and Russia.
Swiss market regulator FINMA stated that it had been in contact with the bank and US authorities and had concluded its own enforcement proceedings against MBaer three weeks ago.
Recall
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