Treasury Removes Iraqi Bank from Part 561 List
The Office of Foreign Assets Control removed the following entity from its Part 561 list May 17:
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- Elaf Islamic Bank; Baghdad, Iraq; note that this entity is separate from 'Elaf Bank, Bahrain"
The Treasury Department imposed sanctions on the Bank in July 2012 for "knowingly facilitating significant transactions and providing significant financial services for the U.S. and EU-designated Export Development Bank of Iran," according to a Department press release (here). The Bank has worked to stop such conduct since the sanctions were placed, including freezing accounts for the Export Development Bank and reducing overall exposure to the Iranian financial sector, Treasury said.