Iraqi Banks Use U.S. Federal Reserve To Funnel Funds To Iran

"Further proof that the US dollar and traditional banks are indeed preferred choices for money-laundering", Joker

Ali Ghulam was the undisputed dollar king of Iraq for almost a decade.

His three Baghdad banks wired tens of billions of dollars in that time outside the country, ostensibly for car parts, furniture and other imports. He was one of the biggest operators in an ad hoc banking system set up around two decades ago under the U.S. occupation that gave the Federal Reserve Bank of New York a key role in processing Iraq’s international transactions.

Years later, when the Fed finally began looking closely at where the money was going, it shut him down almost overnight.

U.S. officials suspect his banks were among more than two dozen Iraqi banks involved in funneling dollars to Iran and its militia allies, using front companies and falsified invoices to circumvent sanctions that block Iran from the global financial system.

But the U.S. moves haven’t halted Tehran’s attempts to use Iraq as a source of dollars, Nelson, the now-former Treasury undersecretary, told the Journal: “Iran continues to seek to abuse the international financial system not only in Iraq, but throughout the region, and frankly wherever they have the opportunity to do so.”

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