Ban uplifted from Iraqi bank that was linked with Iran

On Friday a US statement had released, mentioning that USA will allow the Iraqi bank to do business with the US financial system after the bank showed it was no longer helping Iran evade financial sanctions.

It has to be noted that Iraq's Elaf Islamic Bank BELF.ISX faced banning from the USA in last year.

The reason that came forward was that the bank was doing business with the Export Development Bank of Iran (EDBI), an Iranian state bank the United States accuses of being a "proliferator" of weapons of mass destruction. As a punishment for this act, such decision was taken by the USA.

To pressurize in curbing the nuclear policy of Iran, USA has imposed several financial measures on Iran. US intelligence believes that Iran in developing atom bomb, while Iran has declared that it is developing as nuclear power holder for the peaceful purposes and for the sake of self-defense.

The U.S. Treasury Department said the Elaf Islamic Bank had to complete several steps to regain its access to the U.S. financial system, including freezing the accounts of EDBI and reducing its business with the Iranian financial sector.

In a statement, Treasury Undersecretary for Terrorism and Financial Intelligence David Cohen stated that they are happy to welcome Elaf Islamic Bank into the US financial system and he marked this as a positive example. "As today's de-listing demonstrates, our sanctions are flexible and can be lifted if the conduct that led to the sanction terminates," he added.

In an act, which was sanctioned in 2010, it has been declared that United States can do businesses with the Iranian banks, companies, as well as people that were banned from the US financial system previously on the basis of the nuclear policy of Iran. It has to be noted that for the first time USA has lifted sanction under that law.