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Although three of the world's largest financial institutions will soon open or expand offices in Iraq, don't expect them to take on new and risky clients in the country any time soon.
The Republic of Iraq has done little to address very serious risks that its growing economy will be exploited by money launderers and terrorist financiers, a regional watchdog group has found.
Despite a legal settlement reversing sanctions against an Ohio-based charity, most banks will view the individuals once associated with the group as too risky to take on as clients, say compliance officers.
A federal appeals court could rule within weeks on whether an exiled Iranian opposition group should be removed from a sanctions list maintained by the U.S. State Department.
The U.S. Treasury Department has accelerated efforts to remove qualified individuals and entities from its list of Specially Designated Nationals, according to the list's chief administrator.
The U.S. Treasury Department's ability to freeze the funds of suspected terror financiers without a warrant is likely curtailed to emergency circumstances under a court order handed down last week.
A recent court ruling that disallowed the freezing of an Islamic charity's assets could signal a major change in how the United States sanctions suspected terrorist financiers, say former investigators.
Two rulings in the case of an Ohio-based Muslim charity fighting a terrorism designation could tighten the timeframe federal prosecutors have for collecting evidence, say terrorist financing analysts.
At least two cases making their way through U.S. federal courts are challenging the U.S. Treasury Department's power to sanction individuals and organizations.
