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US Treasury official says Iraq must act to avoid further action on banks

IndiaTimes Thursday, 14 September 2023
The USTreasury has warned Iraq's central bank to address the misuse of dollars at Iraqi commercial banks to avoid further punitive measures. The US has already barred 14 Iraqi banks from conducting dollar transactions due to concerns over fraud, money laundering, and Iran sanctions evasion. The official stated that despite the crackdown, there are still other Iraqi banks operating with risks that need to be remedied. Iraq relies heavily on the US to ensure oil revenues and finances are not censured. The Iraqi government has implemented measures to protect Iraqi interests and improve the banking sector.
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