US Gov’t Bans 14 Iraqi Banks in Crackdown on Iran Dollar Trade

The United States has barred 14 Iraqi banks from conducting dollar transactions, the Wall Street Journal reported, citing US officials.
The ban, which was imposed by the Treasury Department and the Federal Reserve Bank of New York, is part of a crackdown on the siphoning of US currency to Iran, the report said Wednesday.
The United States uncovered information that the Iraqi banks engaged in money laundering and fraudulent transactions, some of which may have involved sanctioned individuals and raised concerns that Iran could benefit, the newspaper said, Reuters reported.