US lifts sanctions on Iraq bank that had links to Iran

May 17, 2013 20:22

WASHINGTON - The United States said on Friday it had allowed an Iraqi bank to again conduct business with the US financial system after the bank showed it was no longer helping Iran evade financial sanctions.

Iraq's Elaf Islamic Bank was first blacklisted by the United States last year for knowingly doing business with the Export Development Bank of Iran (EDBI), an Iranian state bank the United States accuses of being a "proliferator" of weapons of mass destruction.Getting sanctioned by the United States forces foreign banks to make a choice: cut ties to blacklisted Iranian institutions or be cut off from the United States.

The US Treasury Department said the Elaf Islamic Bank had to complete several steps to regain its access to the US financial system, including freezing the accounts of EDBI and reducing its business with the Iranian financial sector.

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