20 August 2012
Iraq aids Iran in circumventing international financial sanctions
According to former and current Iraqi and United States government officials and experts on the Iraqi banking sector, Iraq has been aiding Iran to circumvent international financial sanctions, imposed on Iran because of its nuclear program.
One bank, the Elaf Islamic Bank in Baghdad was barred from any dealings with the banking system of the United States. According to President Obama, this bank has ‘facilitated transactions worth millions of dollars on behalf of Iranian banks that are subject to sanctions for their links to Iran’s illicit proliferation activities’.
Iranian organizations gained, according to said sources, ‘effective control over at least four Iraqi commercial banks through Iraqi intermediaries’, giving Iran access to the international financial system.
Source: New York Times | U.S. Says Iraqis Are Helping Iran to Skirt Sanctions