What do the actions of the US Treasury Department towards Iraqi private banks mean?

What do the actions of the US Treasury Department towards Iraqi private banks mean?


What do the actions of the US Treasury Department towards Iraqi private banks meanThe US Treasury Department represents the department that manages US money to maintain the financial security of the largest global economy with which many countries of the world are linked as a result of transactions in US dollars. Iraqi, including private banks.

We have already talked about the need for the Central Bank of Iraq to reconsider the window for selling foreign currencies carried out by the Central Bank, due to the great suspicions of corruption that revolve around the amount of these sales and the parties that enter to buy the US dollar, and the mechanism that the Governor of the Central Bank of Iraq carried out in his classification of banks Private, as it has been proven that most of the transactions carried out by these banks are transactions that involve money laundering by presenting forged papers with an exaggeration of the amounts that must be paid to merchants who provide these papers and not being audited by neutral supervisory authorities, which drains Iraq’s balance of currencies foreign goods without Iraq benefiting from the goods that enter the market as consumer goods.

In an attempt to stop this matter, the US Treasury Department took an order to restrict the work of four private commercial banks in Iraq, under the pretext that they are transferring these sums to terrorist-supporting parties. The Central Bank’s sales after this decision amounted to 80 million dollars without the local market being affected by the rise in commodity prices, which raises an important question represented in what is the importance of the Central Bank of Iraq for selling this large amount of dollars to these banks, and who is the final beneficiary of these operations If we take into account that the Central Bank of Iraq sells at least one billion dollars weekly, which means that banks that buy dollars make 20 billion Iraqi dinars a week, or 80 billion dinars per month, and this is an amount sufficient to build 80 schools per month.

The most dangerous paradox is not in the foregoing of our conversation, but rather in the meeting of the representative of the US Treasury at the US embassy with representatives of private banks without the presence of a representative of the Central Bank of Iraq in order to inform them of stopping work with 15 other banks, and this will be followed by stopping other banks, which may reach the number of banks to more than 40 private banks, which exposes the banking system to a shake-up and public distrust in it.

The problem now is in the procedures of the Central Bank and how it will deal with this issue, especially after the issue of suspicious dealings of these banks has been exposed!

We find that it is necessary for the Central Bank of Iraq to reconsider many of these procedures, especially those related to the transfer of large sums outside Iraq, and before that it must reconsider the currency window and cancel it completely without thinking about re-introducing it again, in addition to that it is to be re- Working in the Department of External Remittances, contacting correspondent banks, and informing merchants that all their commercial transactions will be through this department. This matter will restore confidence in the Iraqi banking system, and it will also restore confidence in the Iraqi economy, and finally it will eliminate currency smuggling and money laundering operations that did not succeed in controlling it. The Money Laundering Department affiliated to the Central Bank of Iraq.