US authorities have closed MBaer Merchant Bank, a small Swiss bank, after it was found to be a secret financial hub for Russia, Iran, and Venezuela. The case is now seen as a test of Switzerland's reliability as a global financial center.

MBaer Merchant Bank near Lake Zurich reportedly collapsed due to its involvement with 'dirty money' originating from Venezuela and Iran, with Paul-Michel von Meiss implicated in the dealings. The bank built a lucrative business charging clients high rates to process payments other banks avoided.

Mike Bär, scion of a Zurich banking dynasty, is accused of turning his MBaer Merchant Bank into a money laundering operation for clients from sanctioned countries.