US report accuses officials of the Central Bank of Iraq of "hiding illegal transactions" in favor of

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US report accuses officials of the Central Bank of Iraq of "hiding illegal transactions" in favor of Iran
Independent) .. A report issued by the United States Financial Crimes Enforcement Network accused officials of the Central Bank of Iraq of helping Iran "hide illegal transactions," noting that "senior officials" in the Central Bank of Iraq "exploited their official capacity to secure hard currency and conduct transactions for the benefit of The Revolutionary Guard Corps - the Quds Force and the Lebanese Hezbollah. "
The report said that this was through "the guidance transactions carried out by officials of the Central Bank of Iraq to personal accounts instead of the accounts of the central bank or government-owned accounts and individuals or entities not linked to any central bank or government to withdraw funds from these accounts," demanding financial institutions to Take note of it and "investigate it".
The United States Financial Crimes Enforcement Network issued an indicative report today to assist financial institutions in detecting and reporting on illicit transactions related to the Islamic Republic of Iran.
The US State Department said the advisory report also aims to help foreign financial institutions better understand the obligations of their US correspondent institutions, avoid US sanctions and address the risks of combating money laundering and terrorist financing represented by Iran's international financial system.
The report provides information on the threats posed by the Iranian regime to the US financial system and institutions with correspondent banking relationships with US financial institutions. It describes the deceptive financial strategies used by the Iranian regime to evade sanctions and provides warning indicators related to specific malicious activities and patterns.
"This briefing report explains in great detail the extent to which the Iranian regime has resorted to deceptive practices, including counterfeit firms, counterfeit documents, currency exchange institutions, legitimate companies, government officials for illegal revenue and financing," said Segal Mandelker, US Treasury Undersecretary for Terrorism and US Financial Intelligence. Malicious activities ".
"Iran's" deceptive "practices are not organized by elements of its government, such as the Iranian Revolutionary Guard Corps - the Qods Force, but also by the officials of the Central Bank of Iran at the highest levels. The highest degree of control should be imposed on any country that allows its central bank to be involved in supporting terrorism, especially when it is the world's largest state sponsor of terrorism. "
"Governments and financial institutions of all kinds around the world and other companies must be on high alert for the types of plans outlined in this indicative report. In addition, as we expect Iran to continue to try to evade large-scale sanctions and use its resources at the same time to finance a wide range of malicious activities, financial institutions should continue to develop their own compliance programs to prevent them from exploiting them. "
On June 5, 2018, Undersecretary Mandelker made detailed statements about the secret means funded by the Iranian regime itself.
The director of the financial crimes enforcement network Kenneth A. Blanco: "The critical information provided by suspicious activity reports and other valuable information provided by the financial sector was essential in identifying money laundering schemes and other financial schemes associated with the Iranian regime."
"This guidance report focuses on the attention of financial institutions to the current risks associated with transactions to which the Iranian regime is a party. It also provides specific warnings and models to help it identify any activity related to Iran that may not be legitimate. This guidance report not only raises awareness in this sector, but also enhances the future value of suspicious activity reports and ultimately enhances the safety and security of the US financial system. "
The Guiding Report outlines in detail how the Iranian regime "misused" the international financial system through "illegal means". For example, the Iranian regime concealed illicit transactions using senior Iraqi Central Bank officials who used their official capacity to secure hard currency and conduct transactions for the Revolutionary Guard Corps - the Quds Force and the Lebanese Hezbollah.
Accordingly, financial institutions are advised to exercise due diligence when dealing with transactions involving currency conversion institutions that may be exposed to the Iranian regime and / or Iranian individuals listed.
The indicative report provides examples of schemes related to currency conversion institutions. Iran-related actors use front companies and fictional companies around the world in procurement networks through which the Iranian regime has acquired goods and services related to counterfeiting, dual-use equipment and the commercial aviation industry.
The guidance report also warns financial institutions to be alert to possible evasive practices involving Iranian shipping companies. Financial institutions should also be aware of the possibility of Iranian violations of virtual currency and precious metals to evade sanctions, access to the international financial system and conceal the infamous regime.
The Financial Crimes Enforcement Network has included warnings in the guidance report to assist financial institutions in identifying "deceptive" activity that is likely to be linked to the Iranian regime. For example, the routing coefficients by CBI officials may represent personal accounts rather than central bank accounts or government-owned accounts and individuals or entities not associated with any central bank or government withdrawing funds from these accounts should be alerted by financial institutions And investigate it.
Similarly, remittances or deposits that do not contain any information about the source of the funds or do not contain complete information about the source of the funds or do not correspond to the scope of the client's business or contain judicial authorities where there is a greater risk of dealing with entities that may be linked to the Iranian regime. Illegal Iranian attempts to reach the US financial system or evade sanctions.
After the repeal of the sanctions imposed under the Comprehensive Joint Action Plan on 5 November 2018, the Criminal Crimes Enforcement Network expects the Iranian financial institutions, the Iranian regime and its officials to step up efforts to evade US sanctions and finance "malicious" activities and secure the hard currency of the government of Iran .
The Treasury and the US government are interested in information about the Iranian regime's efforts outlined in this Guidance Report and information on how the Iranian regime or Iranian entities subject to sanctions, including the CBI, have evaded sanctions and access to the US financial system.
When submitting suspicious activity reports, financial institutions should provide all relevant information available in the report and narrative form. The Financial Crimes Enforcement Network requires financial institutions to refer to this indicative report by including the main term "Iran FIN-2018-A006" in the narrative of suspicious activity report and in appropriate fields to indicate a link between suspicious activity being reported and persons and activities highlighted In the indicative report.
The mission of the US Financial Crimes Enforcement Network is to protect the financial system from "illegal use, countering money laundering and enhancing national security through the strategic use of financial authorities and the collection, analysis and dissemination of financial information."
 

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