The US has imposed sanctions on Iraqi banks accused of facilitating illegal dollar transfers to sanctioned entities, especially in Iran. A ban on electronic payment cards is also planned, expected to take place within two months. This follows a series of sanctions impacting Iraqi financial institutions since mid-2023, with more banks under scrutiny.
The United States has imposed sanctions on several Iraqi banks while also planning to ban the use of foreign electronic payment cards, according to a source from the Iraqi government. These measures stem from concerns that these banks are involved in illegal financial transfers that support sanctioned groups, particularly in Iran.
The initial sanctions have targeted five banks, with more institutions under review for similar infractions. Additionally, the US Treasury informed Iraqi officials that the ban on electronic payment cards will take effect within two months due to detected suspicious transactions.
These actions are part of an ongoing series of US restrictions on Iraqi financial institutions. In July 2023, 14 banks were restricted from accessing US dollars, with more sanctions implemented in November. The US monitoring team continues to investigate the financial activities of banks and firms in Iraq for compliance with US regulations.
In summary, the US has initiated a new round of sanctions against Iraqi banks linked to illicit financial activities, particularly those aiding Iranian groups. The ban on electronic payment cards abroad highlights the US’s commitment to monitoring financial transactions to prevent illegal money flows. The situation remains dynamic, with further sanctions likely as investigations continue.
Original Source: shafaq.com
