Exclusive: US to Ban Five Iraqi Banks from Dollar Transactions

Photo: Reuters

Iraq's central bank has decided to ban five more local banks from carrying out transactions in U.S. dollars. This decision follows recent meetings with U.S. Treasury officials as part of efforts to tackle issues like money laundering, dollar smuggling, and other financial violations, according to two sources familiar with the situation.

The meetings took place last week in Dubai, where officials from the Central Bank of Iraq met with representatives from the U.S. Treasury and the Federal Reserve. During these discussions, both sides focused on ways to strengthen financial regulations and prevent the misuse of U.S. dollars in Iraq's banking system.

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Last year, Iraq had already barred eight banks from participating in dollar transactions for similar reasons. This new step shows the government's continued efforts to protect the country's financial system and comply with international standards.

Money laundering and illegal dollar transfers have been major concerns for both Iraq and the United States. Authorities have been working together to ensure that the banking sector follows strict guidelines to prevent any misuse of foreign currency. The ban on these five banks is part of a broader strategy to increase transparency and accountability in Iraq's financial institutions.

Officials believe that these actions will help stabilize Iraq's economy and build greater trust with international financial partners. They have also assured the public that legitimate businesses and individuals will still have access to the dollars they need for trade and personal use.

The names of the five banks affected by the ban have not yet been disclosed. However, the Central Bank of Iraq has emphasized that it will continue to monitor all banks closely and take similar actions if needed to maintain the integrity of the financial system.

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