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How US-designed Iraqi banking system financed Hamas, Hezbollah
Federal Reserve’s oversight lapse allowed sanctioned Iran and its proxies to access funds amounting to over $250 million for years
In a startling revelation by the Wall Street Journal, a US-created banking system in Iraq is suspected of facilitating the transfer of billions of dollars to Iran and its allied terror groups, potentially circumventing international sanctions. The Wall Street Journal reports that this system, established after the 2003 US invasion of Iraq, allowed Iraqi banks to wire money internationally through the Federal Reserve Bank of New York without disclosing specific recipients. While these allegations are still under investigation, US officials believe that this oversight lapse may have provided a financial pipeline to sanctioned entities and terrorist organizations.
According to US officials, as much as 80% of daily wire transfers, amounting to over $250 million, were untraceable. A significant portion of these funds is believed to have reached Iran’s Islamic Revolutionary Guard Corps (IRGC) and associated terror groups, including Hamas and Hezbollah, involved in the current war with Israel. The war began with Hamas’ deadly attack on Oct. 7, an assault that resulted in approximately 1,200 Israeli deaths, mostly civilians, and the taking of 240 hostages, including children.
The system’s vulnerabilities came to light when Ali Ghulam, a prominent Iraqi banker, had his three banks blocked from dollar transactions by US authorities in late 2022. Brian Nelson, former under secretary of the Treasury for terrorism and financial intelligence, told the Wall Street Journal, “It’s been important for Treasury to ensure those funds are not diverted in support of the Iranian regime.”
Audits revealed that Ghulam’s banks alone sent $3.5 billion outside Iraq in just six months, primarily in large round-dollar amounts to a handful of obscure companies in the UAE. These transactions raised red flags for potential money laundering activities.
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