Iraqi forces arrest traveler with over 200 bank cards to siphon US dollar
ERBIL (Kurdistan 24) – A man with over 200 bank cards has been arrested at Baghdad International Airport after attempting to smuggle out US dollars as the country continues to clamp down on the illicit activity.
The Iraqi Borders Authority arrested the “Iraqi traveler” with 228 bank cards, which he had intended to use as a way of exporting US dollars outside the country, a statement from the agency read.
The arrest was made based on prior intelligence provided by the country’s National Intelligence Service, the Authority added.
The statement did not elaborate on how much money the cards held upon the seizure.
In a bid to prevent the widespread siphoning of US dollars to Iraq’s neighbors and other Middle Eastern countries under Western sanctions, Iraq was subject to a Society for Worldwide Interbank Financial Telecommunication (SWIFT) international messaging system request to bolster the transparency of cross-border transfers late last year.
In 2020, the US enforced stringent sanctions on Iran, preventing its central bank and other commercial banks in the nation from the SWIFT network. Thus, any country that conducts banking transactions with Iran faces severe penalties.
Iraqi banking authorities have increased their efforts to tighten illegal financial activities by limiting the dollar used in transactions as well as issuing bank cards to lessen cash usage.
Despite these efforts, the illegal activity is still ongoing, according to analysts and Iraqi officials.
Iraqi security forces regularly announce the arrest of “travelers” with bank cards, through which they use to take deposited US dollars outside the country.
The Central Bank of Iraq has taken several strict measures since last year to contain the activity, including limiting the amount of US dollars a traveler could take out on international trips as well as closing down currency exchange shops.
The Iraqi dinar for a while had experienced instability in its value. Late last year, the US dollar was trading for up to 1,750 dinars in grey markets, a sharp increase from its 1,420 value before the measures.