WASHINGTON —Treasury Secretary Scott Bessent on Friday threatened to cut off $1.8 billion in Iranian shadow banking being processed through the United Arab Emirates as part of Operation Economic Outcast.

The Treasury is targeting Banque Misr UAE, which it estimates processed about $1.8 billion between January 2024 and June 2026 for 103 companies that are potentially part of Iranian shadow banking networks.

The five branches of the targeted bank operating in the UAE were listed in a proposed Treasury rule on Friday “as a Financial Institution Operating Outside of the United States of Primary Money Laundering Concern,” meaning within 30 days the…

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