Bank Melli Iran rejects claims of illegal money transfers to Iraq
Tehran, Iran, Nov.29
Bank Melli Iran has rejected the claims of the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury about illegal money transfers to its branch in Iraq.
"All the activities of this branch are according to regulations of Iraq Central Bank," said the bank's statement, IRNA reported.
"Activities of Bank Melli branches in regional countries and around the world are in accordance with the international trade regulations and have been monitored by the Central Bank in these countries during past seven decades. The bank has a 50-year working history in the Persian Gulf area," the statement added.
"The Bank Melli branch in Iraq was established in 2007 to improve development by offering services according to legal procedures while its activities are being monitored by the Central Bank of Iraq. So far, according to the audits of the host country, Melli bank performance has been assessed as accurate and well-documented," said the statement.
According to the Treasury Department, The Islamic Revolutionary Guard Corps (IRGC) has used Bank Melli to dispense funds to Iraqi Shia militant groups and Bank Melli’s presence in Iraq was part of this scheme.
"The OFAC 's claim about transferring money for Iraqi militias is far from reality and unaccounted for, it ignored the consistent cultural, historical, social and economic relations between two countries," claims the statement.