Iraqi Banks Subject to US Sanctions: Ready to Face Scrutiny

Iraqi private banks subject to US sanctions for allegedly aiding in the smuggling of dollars to Iran confirmed on Wednesday that they are "ready to challenge the measures and undergo scrutiny, and they called on Iraqi authorities for assistance." Officials from the Central Bank of Iraq stated that "US financial authorities banned 14 Iraqi banks from conducting transactions in dollars last week as part of a broader campaign against dollar smuggling to Iran through the Iraqi banking system." The fourteen banks have been prohibited from conducting dollar transactions, but they can continue to use the Iraqi dinar and other foreign currencies.