Iraq receives a message from the US: Oil smuggling money is infiltrating Baghdad’s banks.
On Thursday, the “Eco Iraq” observatory revealed that the Central Bank of Iraq received an official email from the US Treasury Department, specifically from the Office of Foreign Assets Control (OFAC), inquiring about financial deposits related to Iraqi oil smuggling operations that were deposited in the “Bank of Baghdad”.
The observatory explained, in a statement received by Shafaq News Agency, that the OFAC letter indicated that individuals wanted on charges of oil smuggling had deposited sums of money in the bank, noting that the information contained in the letter confirms the involvement of parties within (Baghdad Bank) in facilitating deposit operations and money laundering.
According to the observatory, such cases usually require summoning the authorized manager of the bank in question, in the presence of the American company contracted to audit the movement of funds, in order to verify the paths of suspicious transfers and deposits.
“Eco Iraq” confirmed that the receipt of signals from the US Treasury Department regarding the involvement of employees or departments within the Bank of Baghdad in facilitating the deposit of funds related to oil smuggling represents a serious indication of the weakness of compliance and internal control systems.
He concluded that banking institutions operating within Iraq, particularly those dealing in dollars, are supposed to adhere to the highest standards of combating money laundering and the financing of illegal activities, including oil smuggling, noting the “sensitivity of such issues to the United States.”
Shafaq.com