UAE Orders Urgent Probe of Banque Misr Branches After US Money Laundering Warning

The United Arab Emirates has ordered an urgent forensic investigation into the local branches of Egypt's state-owned Banque Misr, following a U.S. proposal to cut the bank's UAE operations off from the American financial system over alleged links to Iranian shadow banking networks. The UAE Central Bank announced the special examination on August 29, one day after the U.S. Treasury's Financial Crimes Enforcement Network, or FinCEN, issued a notice proposing the severe measure. The U.S. action, announced on August 28, designated Banque Misr's five UAE branches as a "financial institution of primary money laundering concern.