Monday, August 5, 2024

The US Treasury Imposes Control Over The Central Bank Of Iraq To Combat Money Laundering, 5 AUGUST

  August 3, 2024  Al-Independent/- Three informed sources close to political and parliamentary decision-making in Baghdad revealed extremely dangerous information confirming that the US Treasury Department has taken a permanent headquarters in the building of the Central Bank of Iraq.

 
They believe that this step came as a result of great pressure on the Iraqi banking system with the aim of reducing money laundering and dollar smuggling operations, as the
 
governor of the Central Bank was forced to allocate an entire floor to the US Treasury departments to monitor money transfer operations  and prevent any illegal activities.

The three sources confirmed that a team of American employees is working permanently at the Central Bank of Iraq, as part of intensive efforts to ensure Iraq’s compliance with international standards for combating money laundering and terrorist financing.  The sources stressed that the
 
Iraqi banking sector is suffering from increasing pressure exerted by the US Treasury to prevent  the smuggling of dollars to countries such as IranRussia and Syria, which face economic sanctions.  One source explained that the Governor of the
 
Central Bank of Iraq tried to resist these restrictions,
 
but the American response was strict, as the
 
Central Bank of Iraq was included among the institutions considered supportive of money laundering operations and non-compliance with sanctions.
 
In previous reports, it was revealed that the severe sanctions imposed by the US Treasury on several Iraqi banks, on charges of involvement in money laundering and dollar smuggling operations.
 
The policy of the Central Bank of Iraq is characterized by randomness and the absence of a clear strategic plan to protect Iraqi funds from smuggling, which
 
prompted the  US Treasury Department to impose strict and direct supervision on the Central Bank and Iraqi banks.
 
Iraqi banks are currently subject to careful evaluations under the supervision of the US Department of the Treasury, which includes monitoring all banking operations and money transfers.
 
This situation reflects the great challenges facing the Iraqi banking system in light of persistent attempts to reform it and improve its image before the international community.
 
On the other hand, Prime Minister Muhammad Shiaa Al-Sudani repeatedly sought to ease these measures, trying to reach understandings with the American side.
 
But there is strong resistance from Washington, which insists on correcting the course of the economic process and reforming the banking system in  Iraq.

The Sudanese finds himself in a difficult situation, as he must balance internal pressures and international demands.
 
In a broader context, the current situation reflects the complexity of the relationship between Iraq and the United States in the financial and banking field.  
 
As Iraq seeks to preserve its sovereignty and  independence of its banking system, the
 
United States continues to exert pressure to ensure that the Iraqi banking system is not used to finance illicit activities.   

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