By John Lee.
The US has reportedly barred 14 Iraqi banks from conducting dollar transactions, as part of a crackdown on illegal transfers of dollars to Iran and other sanctioned countries.
According to the Wall Street Journal, the banks include Al Mustashar Islamic Bank, Erbil Bank, World Islamic Bank, Zain Iraq Islamic Bank and Al Taif Islamic Bank.
It says that US officials hope Baghdad will begin to take more steps against money laundering and fraud in its banking system.
In addition to the five banks listed above, Shafaq News Agency also names the following: Al Qurtas Islamic Bank for Investment and Finance, Elaf Bank, International Islamic Bank, Iraq Trans Bank, Mosul Bank for Development and Investment, Rajih Bank, Sumer Commercial Bank, Trust International Islamic Bank, and Ur Islamic Bank (Al Mal Islamic Bank).
A statement today (Thursday) from the Central Bank of Iraq (CBI) said that the banks concerned represent only 8 percent of the total external transfers.
Shafaq also says that the CBI excluded four private Iraqi banks — Al-Ansari, Al-Sharq Al-Awsat, Al-Qabid, and Asia — from the currency auctions following directives and warnings from the US Treasury, which accused these banks of currency smuggling.
(Sources: Wall Street Journal, CBI, Shafaq News Agency)
