The Central Bank has lost confidence internationally.. The US Treasury is holding a closed meeting with Iraqi private banks regarding “currency smuggling”

The Central Bank has lost confidence internationally.. The US Treasury is holding a closed meeting with Iraqi private banks regarding “currency smuggling”

2022-11-19

The Central Bank has lost confidence internationally.. The US Treasury is holding a closed meeting with Iraqi private banks regarding currency smugglingYes Iraq: Baghdad
A banking source revealed Friday, a closed meeting that took place between the representative of the US Treasury and representatives of 35 Iraqi private banks, to warn them of issues of dollar smuggling from Iraq and adherence to instructions regarding hard currency transfers for the purpose of import.

The source said, “Thursday 11/17/2022, the representative of the US Treasury at the US embassy met with representatives of 35 Iraqi private banks represented by the authorized director with the compliance director of each bank, warning them of the importance of adhering to the instructions regarding transfers in the currency auction and adhering to the anti-money laundering instructions, otherwise it will be affected.” The sanctions affected other banks, as well as the four banks that were finally sanctioned by the US Treasury.

The source explained that “the representative of the US Treasury touched on that most of the imports fixed in the currency auction, especially those related to foodstuffs, sugar and others, are exaggerated,” stressing “the importance of auction transfers being correct and pertaining to the last beneficiary, who must be carefully scrutinized by the banks.”

According to the source, “the meeting lasted for two hours, from one o’clock until three o’clock in the afternoon, in the guesthouse,” noting that “it is strange that no representative of the Central Bank was invited to attend this meeting, noting that the Central Bank is the institution responsible and supervising the work of Iraqi banks.”

And the source considered that “not inviting the Central Bank is evidence that this institution is losing confidence internationally because of the service between its management and some corrupt banks, such as the four banks sanctioned by the US Treasury.”

yesiraq.com