The system that the U.S. put in place in Iraq following its 2003 invasion of the country was abused by shady Iraqi banks that used the lax system to funnel large unknown sums of money to Iranian terrorists.
The Wall Street Journal reported that the three banks run by Ali Ghulam wired tens of billions of dollars outside of the country to fake vendors who submitted fraudulent invoices.
“U.S. officials suspect his banks were among more than two dozen Iraqi banks involved in funneling dollars to Iran and its militia allies, using front companies and falsified invoices to circumvent sanctions that block Iran from the global financial system,” the report said. “Audits of Ghulam’s banks completed in May, reviewed by The Wall Street Journal, reveal extraordinary details of overseas dollar transactions that auditors said raised money-laundering concerns.”
The report said that numbers…
