The Central Bank of Iraq suspends the “Western Union” service for international financial transfer
The Central Bank of Iraq suspends the “Western Union” service for international financial transfer
2023-10-12 05:15
Shafaq News/ The Central Bank of Iraq decided, today, Thursday, to suspend the “Western Union” service for international financial transfer and until further notice.
The company explained in a notice it circulated that, in implementation of the directives of the Central Bank of Iraq, the Western Union service was suspended as of 10-12-2023 and temporarily, in order to activate modern mechanisms and technologies to verify financial transactions, which are in line with international best practices and the instructions of the Central Bank of Iraq. .
The notice addressed the company’s customers by saying: You will be notified as soon as the service is relaunched.
Last July, the US Treasury Department imposed sanctions on 14 Iraqi banks in a crackdown on Iran’s dollar transactions.
The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, announced last September that the bank would dispense with “foreign transfers” next year, while deciding to limit internal commercial transactions to dinars instead of the US dollar, with the exception of those delivered to travelers.
It is noteworthy that the Central Bank recently adopted a new mechanism for auctioning foreign currency, in accordance with the requirements and conditions of the Federal Bank, in order to track the dollar and stop attempts to smuggle the currency abroad.
shafaq.com
