The Central Bank of Iraq decided to stop the Islamic Bank of Iraqafter the decision of the US Treasury Board.
“As the country’s nominal bank and its chairman [Aaras Habib Abdul Karim] are listed on the [US Assets Control Bureau] list and based on international agreements [OFAC]
signed by the side, In order to maintain the integrity of the financialand banking system in Iraq decided to take precautionary measures to stop the bank from entering into the window of sale and purchase of foreign currency, and the reservation on all accounts of the bank and the accounts of the Chairman of the Board referred to him raised and felt those accounts.
The US Treasury Department on Tuesday imposed sanctions on financial institutions and individuals in Iran, Iraq and Lebanon as part of the re-imposition of sanctions on the Islamic Republic following the withdrawal of the United States from the nuclear deal with Tehran.
In a statement, the ministry imposed sanctions on the Islamic Bank of Iraq and its director, Aras Habib, for helping the Iranian Quds Force to use the banking sector to transfer funds to Hezbollah.
Secretary General of the National Congress Party (NCP) and bank chief Aras Habib confirmed that he had conclusive evidence that refuted the “fabrications” of the US Treasury Department after being classified on the terrorism list.