By Maha El Dahan and Ahmed Rasheed
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, dollar smuggling and other violations, two sources with direct knowledge of the matter told Reuters.
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, one of the sources said.
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