OFAC Updates FAQs
OFAC has added the following question and answer to its list of Frequently Asked Questions (FAQ):
Question: Can U.S. financial institutions open correspondent accounts for Iraqi financial institutions, or process funds transfers to and from Iraqi financial institutions?
Answer: Yes, U.S. financial institutions are authorized to open correspondent accounts for, and process funds transfer to or on behalf of Iraqi financial institutions.
OFAC's FAQs can be viewed at the following site: http://www.treas.gov/offices/eotffc/ofac/faq/index.html.