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OFAC sanctions Iraq-based money services business

Jaclyn Jaeger | October 17, 2018

The U.S. Department of the Treasury’s Office of Foreign Assets Control imposed sanctions on Afaq Dubai, an Iraq-based money services business that has been moving money for the Islamic State of Iraq and Syria (ISIS). 

The designation, announced on Oct. 16, follows action taken by the Department of Defense—announced on Oct. 11 against a key ISIS financial facilitation group. This money services business (MSB) is a part of ISIS’s financial network that includes an array of other MSBs, hawalas, and financial facilitators in the Middle East. 

Pursuant to Executive Order 13224, OFAC named Afaq Dubai as a Specially Designated Global Terrorist “for assisting in, sponsoring, or providing financial, material, or technological support for, or financial or other services to or in support of ISIS,” OFAC said. Afaq Dubai is located in Iraq and does not have any branches in the...

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