UAE central bank bars Bank Melli Iran from operating in country
ABU DHABI, Sept 23: The United Arab Emirates Central Bank has barred Bank Melli Iran from operating in the UAE, citing non-compliance with regulatory requirements.
The decision was announced Wednesday and comes after the United States sanctioned Reza Mohammad Taeedi, manager of Bank Melli Iran’s Dubai branch, on Aug. 28 as part of its Operation Economic Outcast campaign.
The US Treasury said Bank Melli Iran had facilitated billions of dollars in transactions through accounts controlled by the Islamic Revolutionary Guard Corps (IRGC) Quds Force.
The latest UAE action places further restrictions on the Iranian bank's operations in the country amid continued US measures targeting financial networks linked to Iran and the IRGC.