The Central Bank of Iraq announced progress in monitoring procedures for foreign transfers and sales operations. Dollar Monetary and providing protection to the banking and financial sector from the risks of money laundering operations, following the ongoing discussions of the Central Bank Iraqi with the Federal Reserve and the US Treasury.
The bank’s governor, Ali Al-Alaq, said in press statements that “the ongoing quarterly meetings with the Federal Reserve and the US Treasury Department, within the framework of organizing operations and coordination between the two sides, which have close relations, led to…The agreement on procedures and formulas that are consistent with best international practices and standards. The latest was the plan to organize foreign transfer operations by rebuilding them according to new standards and methods.”
Al-Alaq stressed that “Iraq has achieved 95% progress in terms of monitoring procedures for foreign transfers and currency sales operations. “Dollar Cash and provide protection to the banking and financial sector from the risks of money laundering operations.
In July 2023, the US Treasury imposed sanctions on 14 banks, and months before that, similar sanctions were imposed on 4 other Iraqi banks after they were accused of money laundering. The Iraqi government continues through the Central Bank Iraqi It has been negotiating for about two years with the US Treasury Department to lift sanctions on these banks, all of which are private banks.
