In a significant move to combat financial crimes, Iraq’s central bank has decided to prohibit five local banks from conducting transactions in U.S. dollars. This action aims to address issues like money laundering and the illegal transfer of dollars out of the country.

The move comes after meetings in Dubai last week between officials from the Central Bank of Iraq - which last year already banned eight banks from U.S. dollar transactions - and U.S. Treasury and Federal Reserve officials,

DUBAI/BAGHDAD >> Iraq’s central bank will ban five more local banks from engaging in U.S. dollar transactions, a move that comes after meetings with U.S. Treasury officials in efforts to combat money laundering,