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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    American official: Iraq must take steps to avoid additional punitive measures against banks

    Rocky
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    American official: Iraq must take steps to avoid additional punitive measures against banks Empty American official: Iraq must take steps to avoid additional punitive measures against banks

    Post by Rocky Thu 14 Sep 2023, 1:58 pm

    [size=39]American official: Iraq must take steps to avoid additional punitive measures against banks

    Reuters
    September 14, 2023
    [/size]
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    A senior US Treasury Department official said that the Central Bank of Iraq must address the ongoing risks resulting from the misuse of the dollar in Iraqi commercial banks in order to avoid imposing new punitive measures targeting the country's financial sector, pointing to acts of fraud, money laundering, and Iran's evasion of sanctions.
    Last July, the United States prevented 14 Iraqi banks from conducting transactions in dollars as part of a broader campaign against the illegal use of the American currency.
    The official, who spoke on condition of anonymity, said that there were still other Iraqi banks operating with risks that "must be addressed" despite the campaign.
    With reserves of more than $100 billion in the United States, Iraq relies heavily on Washington's good faith to ensure that its oil revenues and funds are not subject to US sanctions.
    The official added that the measure, which his country took in July, was based on clear indications of illegal financial activity.
    He explained that the alleged crimes being considered by the Treasury Department include acts of money laundering, bribery, extortion, embezzlement and fraud.
    The Iraqi Central Governor says that his country is committed to implementing stricter regulatory rules for the financial sector and combating dollar smuggling.
    The Iraqi Central Bank did not immediately respond to a request for comment on Thursday.
    Iraq has more than 70 private banks, a relatively new feature in a sector that was almost entirely subject to state control until the fall of former regime leader Saddam Hussein in 2003.
    Of these banks, just under a third are on the US blacklist.
    “I choose to focus on banks that still have access and where I see continued risks,” the official told Reuters in Baghdad.
    He added, "It would be great if the central bank seized the opportunity to address the matter directly, which might negate the need (in the United States) to take further measures."
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