MNT GOAT
Q & A
Question: Hi MG: Thank you for all the WOW news!!!
The article below came out about Iraq joining the SWIFT system. How is Iraq able to do money transfers on SWIFT if they are still under OFAC sanctions? Thank you - Gavin
Chambers of Commerce: Implementing the SWIFT system will attract international commercial activities to Iraq.
Mnt Goat Answer: Guten Tag Gavin. This is a VERY intelligent question and so I thank you for it. It shows that you have been paying attention.
Yes, Iraq did hook into the SWIFT system at the end of 2022 adopting the international financial messaging system as part of the reforms, to help tackle money laundering and ensure respect for international sanctions.. So, to answer your question just read the rest of my good news above. It is all now happening quickly. The banks in the US have not yet been notified of any changes to lifting OFAC. Although implementing SWIFT for Iraq years ago is VERY GOOD news it is old news already. It is all of these kind of events point to one direction – having the banking capabilities to perform with the rest of the world on a large global scale. Choo-Choo!!!! 😊
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