U.S. Sanctions on Iraqi Banks to Contain Iran

The "Wall Street Journal" reported today, Wednesday, that U.S. officials stated the United States has barred 14 Iraqi banks from conducting transactions in dollars. The report indicated that the ban, imposed by the Treasury Department and the Federal Reserve Bank of New York, is part of a comprehensive campaign against the transfer of U.S. currency to Iran. The newspaper added that "the United States revealed information indicating that the Iraqi banks were involved in money laundering and fraudulent transactions, some of which may have involved individuals under sanctions, raising concerns that Iran could benefit from these transactions."