Iraq's central bank will ban five more local banks from engaging in US dollar transactions. The move comes after meetings with American Treasury officials in efforts to combat money laundering, dollar smuggling and other violations, two sources with direct knowledge of the matter have told Reuters.
Iraq is working with the United States to ban more local banks and financial firms from engaging in US dollar transactions, says a report, amid efforts by the new government in Washington to restrict Iran’s access to international banking services.
The Sunday report by Reuters news agency said that Iraq’s central bank was going to ban five banks and three financial companies from providing dollar-based banking services to its customers.
The report added the move had been agreed in a meeting last week in Dubai between officials of the Central Bank of Iraq and US Treasury and Federal Reserve officials.
It claimed that the new bans are in line with US President Donald Trump’s so-called “maximum pressure” policy towards Iran as Tehran earns considerable revenues from its exports to Iraq.
Iraq had banned eight banks from US dollar transactions last year.
Reuters reported the new bans would cover Al-Mashreq Al-Arabi Islamic Bank, United Bank for Investment, Al Sanam Islamic Bank, Misk Islamic Bank and Amin Iraq For Islamic Investment and Finance as well as payment services of Amawl, AL-Saqi Payment and Aqsa Payment.
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