America lifts ban on Iraqi bank cooperated with Iran

“The talk revolves around Elaf Islamic bank that faced sanctions against it in July of 2011, due to its financial ties between the bank and Iran, now Elaf bank rejected dealing with the Islamic Republic, specifically with the Iranian Export Development Bank inscribed on the US blacklist, a statement by U.S. Department of the Treasury briefed by “Shafaq News” said.

According to U.S. Department of the Treasury, which announced the news, Elaf began to deal with them directly and frozen Iranian bank funds deposited with it and stopped all its activities with Tehran entirely.

David Cohen, Deputy Secretary of the U.S. Treasury welcomed the decision of the Islamic bank expressing his happiness of the Elafs’ return to the U.S. financial system.

He called organizations mentioned in the black list from around the world to follow the positive example of the bank to do a similar step.

Cohen stressed that his country will continue to pursue all financial institutions that are either collaborating with the banned Iranian banks, either trying to ignore the ban.