Info:
Islamic Advisor for Investment and Finance engaged in money laundering and fraudulent transactions, some of which may have involved sanctioned individuals and raised concerns that Iran could benefit.
The United States has barred 14 Iraqi banks from conducting dollar transactions, the Wall Street Journal reported on Wednesday, citing U.S. officials.
The ban, which was imposed by the Treasury Department and the Federal Reserve Bank of New York, is part of a crackdown on the siphoning of U.S. currency to Iran, the report said.
The United States uncovered information that the Iraqi banks engaged in money laundering and fraudulent transactions, some of which may have involved sanctioned individuals and raised concerns that Iran could benefit, the newspaper said.
“We have strong reason to suspect that at least some of these laundered funds could end up going to benefit either designated individuals or individuals who could be designated,” a senior U.S. official was quoted as saying by the Journal.
Involved In:
Banking Sector
Country:
Iraq
Reason for the color:
» 14 sanctioned Iraqi banks engaged in fraudulent transactions that Iran could benefit;