An economic expert, Aziz Shwan, stated today, Friday, that the US sanctions imposed on several Iraqi banks have a political motive.
During an interview with “Al-Jarida,” Schwan noted that banks’ violations can be both intentional and unintentional. He explained that private banks were penalized by the US government due to bank transfers that followed the Central Bank’s regulations, but were sent to accounts outside of Iraq. The Americans were able to identify these bank accounts through their sources. Schwan suggested that it would have been more appropriate for the US government to work with the Central Bank or the concerned National Bank to conduct additional verification of specific bank account codes or Swift. Without such cooperation, the issue of these sanctions becomes a purely political matter.
Shwan added, “The violations were intended to involve collusion among some bank employees to facilitate transfers. This aspect needs to be audited by the Central Bank and relevant regulatory and legal authorities.”