New US Sanctions Shake Iraqi Banking Sector, Ban Use Of Payment Cards Abroad
02/16/2025 Mawazine News – Economy Iraqi government sources reported on Sunday that Baghdad received an official notification from the US Treasury Department imposing sanctions on five Iraqi banks, in addition to a number of exchange companies, due to their involvement in illegal money transfers inside and outside Iraq, and smuggling dollars to banned entities, most notably the Islamic Republic of Iran.
According to the US notification, the sanctions will not stop there, as the work of other banks is being closely monitored and may face similar measures in the near future.
The new US decision also included imposing a comprehensive ban on the use of Iraqi electronic payment cards outside the country during the next two months, in a move aimed at preventing currency smuggling after suspicious financial movements were monitored by a specialized US team. It is
noteworthy that the US Treasury Department had previously imposed sanctions on 14 Iraqi banks in July 2023, and prevented four other banks from accessing the dollar in November of the same year, and imposed strict restrictions on money transfers in cooperation with the Central Bank of Iraq.
These measures come within the framework of an escalating US policy to control financial transactions in Iraq, amid fears of continued money laundering and currency smuggling, which imposes additional challenges on the Iraqi banking sector and its financial stability. https://www.mawazin.net/Details.aspx?jimare=259611
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