Iraqi Foreign Minister Fouad Hussein, during his meeting with Brian Nelson, the U.S. Under Secretary of the Treasury for Terrorism and Financial Intelligence in Washington, affirmed "the Iraqi government's commitment to proceed with its reform and economic measures concerning the Iraqi banking system and the energy sector." The minister requested the American side to "reconsider the sanctions imposed on about 32 Iraqi banks, as they engaged in structural reform processes."
Hussein indicated that "the government’s policy aims to achieve Iraqi energy independence through associated gas investment projects and to develop the operational mechanisms of Iraqi banks in alignment with international standards to ensure transparency and provide open data, enabling banks to offer the services needed by the Iraqi people," according to a statement from the Foreign Ministry. He pointed out that "the stability of the Iraqi dinar's exchange rate against the U.S. dollar is a fundamental pillar for achieving economic, social, and political stability in Iraq."
For his part, Nelson confirmed that "the relevant American institutions understand the seriousness of the Iraqi government's efforts to modernize the operational mechanisms in Iraqi institutions." He expressed "his country's readiness to assist Iraq in addressing the obstacles hindering its reforms, positively reflecting on the Iraqi economy."
It is noteworthy that on July 19, 2023, the U.S. Treasury imposed sanctions on 14 Iraqi banks, following similar sanctions against 4 other banks after accusations of "money laundering," according to Iraqi media.
