Washington is no longer just watching Iraq’s financial system — it’s preparing to act. link to My FX Buddies Blog

According to new statements by the U.S. President’s Special Envoy to Iraq, Mark Savaya, the United States is moving toward a comprehensive review of suspicious financial transactions in Iraq, with targeted sanctions expected against entities and networks accused of undermining financial integrity.

If you'd like to Support the channel: ⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://cash.app/$tishwash⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.... ⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://paypal.me/tishwash⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.... ⁠The shift marks a clear escalation: from monitoring individual violations to reconsidering the structure of Iraq’s banking and payments system as a whole. U.S. officials say the goal is to cut off channels used for money laundering, commercial fraud, sanctions evasion, and the financing of armed groups linked to Iran.

In coordination with the U.S. Treasury Department and the Office of Foreign Assets Control, Washington plans to conduct a deep review of financial records involving Iraqi banks, companies, and individuals suspected of illicit activity.

Analysts from institutions such as the Atlantic Council say the strategy reflects a broader U.S. effort to strengthen oversight, accountability, and transparency — while making it harder for illegal financial networks to operate if Iraqi authorities fully implement reforms.

Since late 2022, the U.S. approach has already shifted toward structural controls on dollar flows. The Federal Reserve Bank of New York, which holds Iraq’s oil revenue accounts, began rejecting a large share of Iraqi banks’ transfer requests due to insufficient documentation on final beneficiaries. That move led to sweeping sanctions in 2023 and continued pressure on banks suspected of corruption or money laundering.

Economists warn that new sanctions may now target individuals, traders, private companies, and capital owners — not just banks — as Washington seeks to dismantle entire financial networks rather than pursue isolated cases.

At the same time, Iraqi officials say new systems such as ASYCUDA World are being implemented to reduce fraud, improve trade transparency, and prevent currency smuggling.

📌 Is this a reset — or a financial showdown?
📌 Can reform keep pace with pressure?
📌 What does this mean for Iraq’s economic stability and currency confidence?

🎧 Listen in for the full breakdown and what may come next.

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