Swiss MBaer bank labelled money laundering threat by US

The Swiss MBaer Merchant Bank has been called a "primary risk for money laundering" by the United States authorities. + Get the most important news from Switzerland in your inbox The Swiss Financial Market Supervisory Authority (FINMA) has appointed an investigating officer at the Zurich-based bank following enforcement proceedings. The US Financial Crimes Enforcement Network (FinCEN) wants to deny MBaer access to the US financial system, the US Treasury Department announced on Thursday. MBaer has "channelled hundreds of millions of dollars through the US financial system on behalf of illicit actors with ties to Iran and Russia", states FinCEN. + Dictator funds in Switzerland: hall of infamy Specifically, US banks are to be prohibited from opening or maintaining correspondent accounts for MBaer or in its name, said FINMA on Thursday. The proposed FinCEN measure is currently undergoing public consultation. + Read why dirty money does not need Swiss banking secrecy to thrive FINMA is ...