The United States Puts Iraqi Al-Huda Bank Under Scrutiny

A spokesperson for the U.S. Treasury Department announced that the department's top sanctions official traveled to Baghdad yesterday, Sunday, as Washington seeks to address Iran's evasion of sanctions in Iraq and to compel the country's financial sector to align with international standards. The spokesperson stated that Under Secretary for Terrorism and Financial Intelligence, Brian Nelson, visited Iraq from Sunday to Monday, where he met with senior Iraqi officials, including Prime Minister Mohammed Shia' al-Sudani, as part of ongoing efforts to combat illicit financing. On Monday, the U.S. designated the Iraqi Al-Huda Bank as a foreign financial institution of primary concern regarding money laundering, accusing it of functioning as a channel for funding terrorism. Washington has imposed sanctions on the bank's owner.