Due to US sanctions, Rafidain Bank closes its office in the Popular Mobilization Forces.
Due to US sanctions, Rafidain Bank closes its office in the Popular Mobilization Forces.
2025-10-15 01:13
Shafaq News – Baghdad
The government-owned Rafidain Bank closed its office in the Popular Mobilization Forces (PMF) Directorate on Wednesday and decided to relocate it to another branch in the capital, Baghdad.
An informed source told Shafaq News Agency, “After the approval of the Central Bank/Control Department, Rafidain Bank closed its office in the Popular Mobilization Directorate as of today and transferred its financial accounts to the Seven Palaces branch in Baghdad.”
He added, “The closure comes days after the US Treasury imposed sanctions on individuals, entities, and institutions, including Al-Muhandis Company.”
The closure also comes, according to the source, some time after the Yemeni Minister of Information announced the closure of the Rafidain Bank branch in Yemen and the termination of its financial and banking activities due to suspicions of financing the Houthi group.
Iraqi banks have offices and branches operating in ministries and state institutions to organize their financial affairs quickly and easily.
On Thursday, October 10, the US Treasury Department announced new sanctions against Iraqi banking figures and companies accused of financing armed factions linked to Iran, noting that these groups are working to undermine Iraqi sovereignty and carry out operations on behalf of the Iranian Revolutionary Guard.
The sanctions included the Popular Mobilization Forces’ “Al-Muhandis Company,” along with a number of banks and businessmen, for their alleged involvement in money laundering, currency smuggling, and financing Iranian activities inside and outside Iraq.
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