Oliver Wyman Company and lifting sanctions on banks banned from the dollar
The Central Bank of Iraq has contracted with Oliver Wyman, a global consulting firm that has the ability to “restructure companies to succeed in difficult times, build a new strategy in banking, and be a leader in risk, strategy, and human resources, helping clients navigate a dynamic environment across four global firms.”
A firm like Oliver Wyman can therefore help sanctioned Iraqi banks understand the sanctions imposed on them, work on strategies to mitigate their impact, and even help remove these sanctions in some cases.
Legally, the firm can help Iraqi banks understand international laws and sanctions applicable to them, identify any legal risks associated with their activity, and then provide recommendations on how to improve banks’ compliance with international sanctions, and develop plans to mitigate risks.
In addition, the firm will help Iraqi banks communicate with international government agencies to learn more about the sanctions imposed on them, or to request “exceptions or mitigations,” by providing training programs for employees in Iraqi banks to develop their skills in the field of sanctions compliance.
From the above, we conclude that Oliver Wyman can play an important role in helping Iraqi banks understand and implement international sanctions effectively, and then submit a recommendation to the Treasury Department and the Federal Reserve that paves the way for lifting the sanctions. link
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