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**U.S Treasury removes Sanctions from Iraqi bank***

easyrider

By easyrider,
in Iraq & Dinar Related News

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easyrider Newbie

easyrider

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Thanks WS for article.

Treasury Removes Sanctions on Iraqi Bank

5/17/2013


Action Follows a Verified Change of Behavior from the Elaf Islamic Bank


WASHINGTON – The Department of the Treasury today lifted sanctions against the Elaf Islamic Bank in Iraq following the bank’s significant and demonstrated change in behavior. 

On July 31, 2012 the Treasury Department imposed sanctions under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA), against Elaf Islamic Bank, a privately-owned Iraqi financial institution, for knowingly facilitating significant transactions and providing significant financial services for the U.S. and EU-designated Export Development Bank of Iran (EDBI). Following the CISADA finding, Elaf immediately engaged the Treasury Department and began an intensive course of action to stop the conduct that led to the CISADA sanction, including freezing EDBI accounts at Elaf and reducing its overall exposure to the Iranian financial sector. Following today’s action U.S. financial institutions are once again permitted to open or maintain correspondent accounts or payable-through accounts in the United States for Elaf Islamic Bank.

“Today we welcome Elaf Islamic Bank back into the U.S. financial system, and we urge other designated individuals and entities around the world to follow its positive example. As today’s delisting demonstrates, our sanctions are flexible and can be lifted if the conduct that led to the sanction terminates,” said Under Secretary for Terrorism and Financial Intelligence David S. Cohen. “As we increase our sanctions against Iran, we will continue to target any financial institution that works with designated Iranian banks or attempts to assist Iran in evading sanctions.”

Sanctions may be, and regularly are, lifted when circumstances warrant, which includes ceasing the sanctionable activity. Any sanctioned party may petition OFAC for sanctions to be lifted. In general, demonstrating changes in circumstances or behavior are essential to the lifting of sanctions.

Treasury will continue to use all tools at its disposal to target entities or individuals engaging in sanctionable activity related to Iran. CISADA was signed into law by President Obama in July 2010. Among other things, CISADA provides the Secretary of the Treasury with the authority to impose strict conditions on, or prohibit the opening or maintaining of, correspondent accounts or payable-through accounts in the United States for foreign financial institutions that knowingly facilitate a significant transaction or provide significant financial services for a person whose property and interests in property are blocked under the International Emergency Economic Powers Act in connection with Iran’s proliferation of weapons of mass destruction (WMD) or delivery systems for WMD, or for Iran’s support for international terrorism.

http://www.treasury.gov/press-center/press-releases/Pages/jl1949.aspx


U.S. lifts sanctions on Iraq bank that had links to Iran


An Iranian flag flutters in front of the head office of the Export Development Bank of Iran (EDBI) in Tehran November 9, 2008

WASHINGTON | Fri May 17, 2013 2:03pm EDT
(Reuters) - The United States said on Friday it had allowed an Iraqi bank to again conduct business with the U.S. financial system after the bank showed it was no longer helping Iran evade financial sanctions.

Iraq's Elaf Islamic Bank BELF.ISX 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.

Washington has imposed a series of financial and trade sanctions against Iran to pressure it to curb its nuclear program, which the United States suspects is aimed at developing atom bombs. Iran says the program is for peaceful purposes.

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

"Today we welcome Elaf Islamic Bank back into the U.S. financial system, and we urge other designated individuals and entities around the world to follow its positive example," Treasury Undersecretary for Terrorism and Financial Intelligence David Cohen said in a statement.

"As today's de-listing demonstrates, our sanctions are flexible and can be lifted if the conduct that led to the sanction terminates," he said.

A 2010 act allows the United States to sanction foreign banks that do business with Iranian banks, companies or people that are banned from the U.S. financial system. This is the first time the United States has lifted sanctions under that law.

(Reporting by Anna Yukhananov; Editing by Eric Beech)

http://www.reuters.com/article/2013/05/17/us-usa-sanctions-iraq-iran-idUSBRE94G0NJ20130517

 

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yota691 Grand Master

yota691

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Posted (edited)
WASHINGTON (Reuters) -
Friday, May 17, 2013
The United States announced that it had allowed an Iraqi bank to resume dealings with the U.S. financial system after it showed the bank was no longer helping Iran to evade financial sanctions. Last year, the United States has placed Bank Elaf Islamic Iraqi blacklisted for dealing with the Export Development Bank of Iran, a bank-owned State accused by Washington as "participate in the publication of" weapons of mass destruction. and inclusions in the black list forcing banks to choose between cut ties with Iranian institutions targeted by U.S. sanctions or drop out of the U.S. financial system. Washington imposed a series of sanctions, financial and trade on Iran to pressure it to rein in its program nuclear, which Washington says is aimed at developing nuclear weapons. Iran says its program is for peaceful purposes. , and when you put it in the black list the Treasury Department said the U.S. should be on the Bank of Elaf Islamic compliment a few steps for the resumption of dealings with the U.S. financial system, including freeze the accounts of the Export Development Bank of Iran and reduce its dealings with the financial sector of Iran. said David Cohen, Undersecretary of the Treasury for terrorism and financial intelligence "We welcome today the return of bank Elaf Islamic to the U.S. financial system, and we urge individuals and entities other listed (black list) around the world to walk the example of model positive." "lifting of the blacklist today shows that our sanctions flexible and can be lifted If the behavior is finished, which led to the imposition of sanctions. " and allows a law passed in 2010 to the United States to impose sanctions on foreign banks dealing with the banks, companies or individuals banned Iranians have to deal with the U.S. financial system. This is the first time that lifted the U.S. sanctions under that law.


America lifts ban on Bank "Ilaf" Iraqi

 
 
 

 

 
 
 
 
d4b3a177-e0d9-417a-b313-284566d70e1c.jpg
Iraqi Elaf Islamic Bank
22:19
17
May
2013

WASHINGTON - Agencies

United States lifted on Friday, the ban was imposed on Elaf Islamic Bank in Iraq , because of financial ties with Iranian bank is prohibited American and European.

Announced that the U.S. Treasury Department said in a statement, it lifted the sanctions imposed on Elaf Islamic Bank in Iraq after the marked and visible change in his behavior.

She pointed out that she was imposed a ban on Iraqi bank on July 31, 2012, because of the notable transactions and provided financial services to the Export Development Bank of Iran.

The statement said that after the sanctions imposed on the bank, the latter immediately initiated extensive work to stop the behavior that led to these sanctions, including the freezing of the bank accounts of the said Iranian Ilaf and reducing the latter deal with the Iranian financial sector.

Edited by yota691
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10 YEARS LATER Newbie

10 YEARS LATER

Posted
Posted

I guess my question (s) [is] {are} . . . .just exactly how many steps are we suppose to take or observe before we are to see the RV ? I need a new set of insoles. . . . again.

 

A journey begins with the single first step. Sure we take a misstep along the way, but good lord;How much longer is this this walkabout about going to to take ?

 

I've come full circle in my life and surfed Malibu Beach 2 yrs ago after not seeing it for nearly 30 years.

 

Sadly, with each encouraging article over the last 3 yrs., we're one step closer. I'm pooped . . . . c'mon you guys, no more steps. Take a GIANT LEAP . . . . and GET IT DONE !!

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skitealwedrop Newbie

skitealwedrop

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What, if anything, does this translate to for us?  Is it just an announcement/for announcement's sake?  Thanks Ski.

I wouldn't find the articles to be of a significant importance to those that invest in IQD. That's my opinion. Read and learn, that's my best advice to all that invest in paper. Currency speculation isn't always pretty.

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uncirculd Newbie

uncirculd

Posted
Posted

I guess my question (s) [is] {are} . . . .just exactly how many steps are we suppose to take or observe before we are to see the RV ? I need a new set of insoles. . . . again.

 

A journey begins with the single first step. Sure we take a misstep along the way, but good lord;How much longer is this this walkabout about going to to take ?

 

I've come full circle in my life and surfed Malibu Beach 2 yrs ago after not seeing it for nearly 30 years.

 

Sadly, with each encouraging article over the last 3 yrs., we're one step closer. I'm pooped . . . . c'mon you guys, no more steps. Take a GIANT LEAP . . . . and GET IT DONE !!

Malibu beach is awesome!  Ever body surfed the wedge in Balboa?   I could sit for hours watching them just to see if they would clear the rocks.  

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easyrider Newbie

easyrider

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The Elaf bank is an Islamic investment firm and not related to the CBI. Let's not mislead members. Do your homework peeps.

Who is misleading? i posted an article that i found interesting i never said it had anything to do with the RV? assume much?

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pattyangel Newbie

pattyangel

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Posted

The Elaf bank is an Islamic investment firm and not related to the CBI. Let's not mislead members. Do your homework peeps.

 

But Skitealwedrop, the article that Easy and Yota brought over, state it as being a Elaf Islamic Bank.  Bring your proof and it may settle the discrepancy.  :peace:

 

I don't consider Easy and Yota to be pumpers.  ;)

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jeepguy Mentor

jeepguy

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I take this article ,  as saying , u.s. banks should . or will be doing business dealings with Iraqi banking ,  wasn`t that long ago banks across u.s.  were handling dinar , and it wasn`t a currency like British   sterling , or Canadian money , then all came to a halt,  now we see that the treasury had a black list on this Islamic bank,  which I will guess is the reason banks here stopped all business dealings with dinar, --->  remember , the banks were making a little money of the transactions { not much but it brought in customers } now they have lifted the black mark on the Islamic bank , and I will suspect , that all banking will go back too dealing some  of  some kind with dinar, { just my thinking here }.. and I would also think that this will give a little push on the chapter 7 dealings , { also just my opinion }  ...

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zigmeister Newbie

zigmeister

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Posted

My point stands, Easy. Elaf isn't related to this investment as some of us are aware of.

You really do not get it skiteal.  This is important in the scheme of things.  The bank was shut down because of its Iran dealings by the US.  The bank changed its tactics, the US allows them to open their doors.  No it does not mean an RV, everyone who reads this article understands that, but it is a sign of Iraq getting their banks on line where business can flourish.  It also may give us an inkling that the threat of Iran goings on in Iraq has subsided.  Which was in it's part along with money laundering, counterfeiting, the dinar took a nose dive last year.  I agree with jeepguy, this can only help the drive on the road for the release of chapter 7.   So while we read the many articles of "Oh no Iraq is blowing itself up!"  We read an article that is a breath of fresh air, Iraq is also behind the scenes getting their financial ducks in a row.  

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keepmwlknfny Newbie

keepmwlknfny

Posted
Posted

The Elaf bank is an Islamic investment firm and not related to the CBI. Let's not mislead members. Do your homework peeps.

+1

 

The gurus will have a field day with this and tell everyone this means the dinar can be traded internationally or something lol.....

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