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July 28, 2004 

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.

Wednesday, July 28, 2004 |posted by Douglas N. Jacobson|

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