By John Lee.
The United States and Iraq have held discussions focused on banking reform, financial compliance, and measures to counter illicit financial activity.
According to a statement by the United States Special Envoy to Iraq, Mark Savaya, the talks involved the U.S. Department of the Treasury and the Office of Foreign Assets Control (OFAC), and addressed challenges and reform opportunities across both state-owned and private banks in Iraq.
The discussions emphasised strengthening financial governance, compliance frameworks, and institutional accountability.
The parties agreed to conduct a comprehensive review of suspected payment records and financial transactions involving Iraqi institutions, companies, and individuals linked to:
- Smuggling activities
- Money laundering
- Fraudulent financial contracts and projects
- Financing or enabling terrorist activities
Full statement from the US Special Envoy to Iraq:
Today, I met with the U.S. Department of the Treasury and OFAC to address key challenges and reform opportunities across both state owned and private banks, with a clear emphasis on strengthening financial governance, compliance, and institutional accountability.
We agreed to conduct a comprehensive review of suspected payment records and financial transactions involving institutions, companies, and individuals in Iraq linked to smuggling, money laundering, and fraudulent financial contracts and projects that finance and enable terrorist activities.
We also discussed next steps related to forthcoming sanctions targeting malign actors and networks that undermine financial integrity and state authority.
The relationship between Iraq and the United States has never been stronger than it is today under the leadership of President Donald J. Trump.
(Source: @Mark_Savaya)
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