WASHINGTON/BAGHDAD (Reuters) -The United States has barred 14 Iraqi banks from conducting dollar transactions, the Wall Street Journal reported on Wednesday, citing U.S. officials. The United States uncovered information that the Iraqi banks engaged in money laundering and fraudulent transactions, some of which may have involved sanctioned individuals and raised concerns that Iran could benefit, the newspaper said. Political Cartoons on World Leaders View All 222 ImagesAmong the banks on the U.S. ban list are Al Mustashar Islamic Bank, Erbil Bank, World Islamic Bank, and Zain Iraq Islamic Bank, the newspaper said. The Iraqi government, the U.S. Treasury Department and the New York Fed did not immediately respond to requests for comment. The United States has insisted that oil-rich Iraq, the OPEC group's second-largest producer, moves towards self-sufficiency.

Source: Wall Street Journal July 19, 2023 22:38 UTC