Comedian Marty Nadler dies at 80
Good morning. The U.S. on Friday rolled out new actions under Operation Economic Outcast, saying it would cut off the United Arab Emirates-based arm of Egypt’s Banque Misr from access to U.S. financial institutions.
No more correspondent banking: The Treasury Department’s Financial Crimes Enforcement Network arm proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions. Treasury also announced sanctions on Reza Mohammad Taeedi, manager of Bank Melli in Dubai, and on a Hong Kong company the department accused of being a front to launder money for Tehran.‘Outcast’: The moves follow Treasury Secretary Scott Bessent’s announcement of Operation Economic Outcast, a program meant to squeeze Tehran by taking on entities outside Iran that provide an economic lifeline to the country.Next steps? Responses from industry about possible cascading effects could inform the Trump administration’s next steps, said Ama Adams, an international trade and national security lawyer at the law firm Ropes & Gray. “That perhaps gives FinCEN a road map or a framework if they chose to go after broader banking institutional relationships or an even bigger bank,” Adams said.
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