Treasury cites Iraqi bank, owner over terrorist financing concerns
By 
Aaron Nicodemus2024-01-29T21:44:00
An Iraqi bank faces severance from the U.S. financial system for being a conduit of terrorist financing, according to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
FinCEN issued a finding and notice of proposed rulemaking (NPRM) Monday on Al-Huda Bank, alleging the bank and foreign sponsors “fuel violence that threatens the lives of U.S. and Iraqi citizens” while diverting funds that could support legitimate business, according to a press release.
The bank leveraged its access to U.S. dollars to support several foreign terrorist organizations, including Iran’s Islamic Revolutionary Guard and its Quds Force, as well as Iran-aligned Iraqi militias, per FinCEN.
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