IRAQ DOLLAR CORRUPTION
العربية
09

Enforcement

What the Federal Reserve and the US Treasury did, and to which banks.

Three decisions, taken outside Iraq, changed who could buy dollars at the window. Each is recorded here with the banks it names.

  1. November 2022

    The Federal Reserve begins screening wire transfers in advance

    Advance-screening requirements were applied to dollar transfers leaving Iraqi accounts at the Federal Reserve Bank of New York. Rejection rates rose immediately and daily auction volumes fell. The procedural change, rather than any prosecution, is the clearest measure of how much of the demand at the window could not survive documentation.

  2. July 2023

    Fourteen Iraqi banks barred from US dollar transactions

    The US Treasury, acting through the Federal Reserve, barred fourteen Iraqi private banks from access to dollar transactions. Several of them appear in the ledger of Chapter 04, in some cases among its largest recipients.

  3. February 2024

    Al-Huda Bank designated; seven further banks banned

    The US Treasury designated Al-Huda Bank in connection with Iran-related flows, and FinCEN issued a Section 311 finding naming it a primary money-laundering concern; the Central Bank of Iraq banned seven further institutions from dollar transactions.

09.1

The register, by enforcement status

90 institutions in the register; status as recorded in the source register

OFAC designated

1 · Banks named

Banned Feb 2024

7 · Banks named
  • Investment Bank of Iraqمصرف الاستثمار العراقي$240,033,000 · in the ledger
  • Union Bank of Iraqمصرف اتحاد العراق$77,354,000 · in the ledger
  • Ashur International Bank for Investmentمصرف آشور الدولي للاستثمار$99,140,000 · in the ledger
  • Hammurabi Commercial Bankمصرف حمورابي التجاريdoes not appear in the 63 published sessions
  • Kurdistan International Islamic Bank for Investment & Developmentالمصرف الدولي الإسلامي الكردستاني للاستثمار والتنميةdoes not appear in the 63 published sessions
  • Al-Janoob Islamic Bank for Investment & Financeمصرف الجنوب الإسلامي للاستثمار والتمويل$222,199,805 · in the ledger
  • Arabia (Al-Arabiya) Islamic Bankالمصرف العربي الإسلامي$768,895,000 · in the ledger

Barred Jul 2023

14 · Banks named

Excluded 2023

4 · Banks named

Under investigation

3 · Banks named
  • United Bank for Investment (UBI)المصرف المتحد للاستثمار$6,000,000 · in the ledger
  • North Bank for Finance & Investmentمصرف الشمال للتمويل والاستثمارdoes not appear in the 63 published sessions
  • Al-Bilad Islamic Bank for Investment & Financeمصرف البلاد الإسلامي للاستثمار والتمويلdoes not appear in the 63 published sessions

Suspended

1 · Banks named
  • Warka Bank for Investment & Financeمصرف الوركاء للاستثمار والتمويل$0 · in the ledger

Restricted

2 · Banks named
  • Bank Melli Iran (Iraq branch)بنك ملي إيرانdoes not appear in the 63 published sessions
  • Parsian Bankبنك پارسيانdoes not appear in the 63 published sessions

Source: US Treasury; FinCEN; Central Bank of Iraq announcements Tier B

09.2

The struck-off register

125 exchange companies removed from the market by the Central Bank of Iraq, as of its published register of October 2016

The Central Bank's own register of expelled exchange companies shows the scale of churn at the retail edge of the dollar market — and how early the compliance problem was documented.

125

companies struck off the register

123

entries with an exact strike-off date

Showing 125 of 125 companies

#Name, ArabicName, EnglishStruck off
001سلسله الذهبSelselat Al Thahab2016-04-07
002ملي ايرانMelli Iran2016-04-07
003الاصدقاءAl Asdiqa'2016-04-07
004الوائل (شركة صرافة)Al Waeel (Exchange Company)2016-04-07
005البائنAl Ba'n2016-04-07
006افاق المعلمAfaq Al Moelam2016-04-07
007الضحىAl Dhuha2016-04-07
008الكوثرAl Kawthar2016-04-07
009النواعيرAl Nawaeir2016-04-07
010النوفلAl-Nawfal2016-04-07
011الارض الجديدهAl Ardh Al Jadida2016-04-07
012العربيهAl Arabia2016-04-07
013الباديهAl Badya2016-04-07
014الشرق الادنىAl Sharq Al Adna2016-04-07
015الرطبهAr Rutbah2016-04-07
016القيروانAl Qirwan2016-04-07
017صخره العراقSsakhra Al Iraq2016-04-07
018هلال الجزيرهHilal Al-Jazira2016-04-07
019البراءAl Bera'2016-04-07
020الغيثAl Ghaith2016-04-07
021بيدر الخيرBaider Al Khair2016-04-07
022الطوافAl Ttawaf2016-04-07
023الشايعAl Shye2016-04-07
024المنتدىAl Montada2016-04-07
025التسليمAl Taslim2016-04-07
026الهجودAl Hjood2016-04-07
027الافتخارAl Eftekhar2016-04-07
028الفجرAl Fajr2016-04-07
029الايمنAl Aimen2016-04-07
030الومضهAl Wamdha2016-04-07
031النبال العربيةAl Nibal Al Arabia2016-04-07
032الوائلAl Wa'eel2016-04-07
033التعاون الاقليمي الاسلاميIslamic Regional Co-operation2016-04-07
034بارسيانBarsian2016-04-07
035كركوكKirkuk2016-04-07
036تدمرTadmur2016-04-07
037القلعهAl Qalea2016-04-07
038بابا كركرBaba Gurgur2016-04-07
039الممتازAl Momtaz2016-04-07
040مجموعه دمشقMajmuaet Dimashq2016-04-07
041زهره الربيعZahrat Al Rabie2016-04-07
042البارحAl Bareh2016-04-07
043الحق اليقينAl Haq Al Yaqin2016-04-07
044حلبHalab2016-04-07
045التراقدAl Taraqod2016-04-07
046شناشيل دبيShanashil Dubai2016-04-07
047الخواتمAl Khauatem2016-04-07
048الدنياAl Donia2016-04-07
049جنه الاندلسJanat Al Andouls2016-04-07
050ارض السامرAredh Al Sameer2016-04-07
051البلالAl Belal2016-04-07
052القزحAl Qazah2016-04-07
053روعه الميناRauet Al Mina'2016-04-07
054روعه البعاجRauet Al Beaj2016-04-07
055الذاكرينAl Thakerin2016-04-07
056هلال الموصلHilal Al Mosul2016-04-07
057الالوانAl Alwan2016-04-07
058الاخيارAl Akhyar2016-04-07
059شاوهShawa2016-04-07
060طريق البيارقTariq Al Baiarq2016-04-07
061ابن الفراتIbn Al Furat2016-04-07
062الهروتAl Huroot2016-04-07
063الليثAl Laith2016-04-07
064الرماحAl Rimah2016-04-07
065الحدباءAl Hedba'2016-04-07
066السميرAl Samir2016-04-07
067الصحراءAl Sahra'2016-04-07
068الاملAl Amel2016-04-07
069الدعاءAl Doea'2016-04-07
070ارض الفردوس/ الياسمين سابقاًArdh Al Firdoos (Al-Yassemin previously)2016-04-07
071الخيمهAl Khaima2016-04-07
072دبي الدوليه/ سنجار سابقاDubai Al Dualiya (Sinjar previously)2016-04-07
073الحسنAl Hassan2016-04-07
074الذهبيهAl Dhabiya2016-04-07
075الخالدAl Khalid2016-04-07
076النمورAl Nemoor2016-04-07
077ام الربيعينUm Al Rabiean2016-04-07
078نينوىNainawa2016-04-07
079المازنAl Mazin2016-04-07
080الخضراءAl Khdra'2016-04-07
081البيضاءAl Baidha'2016-04-07
082برج الفنارBurj Al Fanar2016-04-07
083الصائغ المتحدهAl Sa'aqh Al-Mutehidah2016-04-07
084الغانمAl Ghanim2016-04-07
085الشهد الاصفرAl Shahed Al Asfar2016-04-07
086طيبهTebah2016-04-07
087الاهرامAl Ahram2016-04-07
088القرش المتحدهAl Qirsh Al Mutehidah2016-04-07
089اليسر المتحدهAl Yusser Al Mutehidah2016-04-07
090الفاتحAl Fateh2016-04-07
091افاق المستقبلAfaq Al-Mustaqbal2016-04-07
092الخياطAl Khiat2016-04-07
093القارورهAl Qarorah2016-04-07
094النسورAl Nessor2016-04-07
095الشهباءAl Shahba'2016-04-07
096العروبهAl Erubah2016-04-07
097الجامعهAl Jamiea2016-04-07
098المربدAl Merbed2016-04-07
099المحرابAl Mehrab2016-04-07
100الوسطAl Wesat2016-04-07
101الثراءAl Thera'2016-04-07
102النجودAl Nejud2016-04-07
103ديار مكهDiar Mecca2016-04-07
104سما العراقSama Al Iraq2016-04-07
105المصدرAl Messdar2016-04-07
106الوارقAl Wareq2016-04-07
107الرحمهAl Rehma2016-04-07
108عيون المهاEuyun Al Meha2016-04-07
109الموصلAl Mosul2016-04-07
110النهايهAl Nehaya2016-04-07
111المبدعAl Mobde2016-04-07
112الجورانAl Joraan2016-04-07
113المسدAl Masad2016-04-07
114الرتاجAl Retaj2016-04-07
115الانبارAl Anbar2016-04-07
116الميثاءAl Mitha'2016-04-07
117المشهورAl Mashhur2016-04-07
118التجددAl Tejedud2016-04-07
119وهج الشمسWahej Al Shams2016-04-07
120الياقوت الاحمرAl Yaqoot Al Ahmar2016-04-07
121الدارجAl Darej2016-04-07
122الطالعAl Talie2016-04-07
123السواءAl Sewa'2016-04-07
124الحارث(صيرافه)Al Harithno date printed
125الحارث العربيه(تحويل مالي)Al-Hareth AL-Arabiyano date printed

123 of the 125 entries carry an exact strike-off date, overwhelmingly between April and October 2016. Two entries are printed without a date and are shown as such.

Source: CBI website workbook, 'Exchange companies that have been shut off' (cbi.iq), Wayback capture 15 October 2016 Tier A