Fourteen Iraqi private banks hit with curbs by the United States over allegedly helping siphon U.S. dollars to Iran said on Wednesday they were ready to challenge the measures and face audits and called on Iraqi authorities to provide assistance.
U.S. financial authorities last week barred 14 Iraqi banks from conducting dollar transactions as part of a wider crackdown on dollar smuggling to Iran via the Iraqi banking system, Iraqi central bank officials have said.
"These actions help limit the ability of bad actors seeking to launder U.S. dollars, profit from the exploitation of money owned by the Iraqi people, and evade U.S. sanctions," Patel said on Thursday.Iraqi central bank Governor Ali al-Allaq said on Wednesday the institution was following up on the issue and he had no indication the U.S. would impose "sanctions" on more Iraqi banks.
Allaq said the transactions that led to the U.S. curbs took place in 2022, before the CBI enforced tighter regulations on dollar transfers requiring applicants to go through an online platform and provide detailed information on end-recipients.
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