US Ambassador to Iraq confirms no sanction imposed on Iraqi banks
The US Ambassador to Iraq, Alina Romanowski. Photo: US embassy in Iraq
Baghdad (IraqiNews.com) – The US Ambassador to Iraq, Alina Romanowski, confirmed on Saturday that no sanctions have been imposed on any of the Iraqi banks, according to the Iraqi News Agency (INA).
“I participated yesterday in a call between the US Treasury Department and the Central Bank of Iraq (CBI) about the recent US measures to prevent 14 Iraqi banks from conducting US dollar transactions after concerns related to money laundering,” Romanowski mentioned via Twitter.
The US Ambassador to Iraq clarified that the CBI took prompt and appropriate measures, and no sanctions were imposed on any of the Iraqi banks, INA reported.
“We will continue our work to improve compliance with anti-money laundering regulations and digitize the Iraqi economy with our partners in the CBI,” Romanowski added.
Two weeks ago, US officials said that the United States barred 14 Iraqi banks from conducting US dollar transactions as part of a crackdown on transferring US currency to Iran and other sanctioned countries, The Wall Street Journal (WSJ) reported.
The report illustrated that the ban was imposed by the Treasury Department and the Federal Reserve Bank of New York.
The step highlights the ongoing efforts to lessen Iran’s access to international financial networks.
The primary objective of the US sanctions is to curtail Iran’s ability to access US dollars through Iraqi banks.
By targeting these financial institutions, the US hopes to disrupt the flow of funds that could potentially be used by Iran to support activities contrary to US interests, BNN Breaking reported.
The sanctions are part of a wider strategy to apply economic pressure on Iran and prevent the country from engaging in illicit financial transactions that could fund destabilizing activities in the region, BNN Breaking added.