Islamic Regional Cooperation Bank

Status:
Top Alert – Entity designated / sanctioned for terror, WMD and human rights violation

Info:
Iran has set up the Islamic Regional Cooperation Bank for Development and Investment in Iraq in a bid to provide services for Iranian clients in Iraq, such as preparing a pricing system to provide guarantee services, issuing letters of guarantee, opening accounts and providing banking services;

Iranian Eghtesad Novin Bank has invested $120 million for establishing the Islamic Regional Cooperation Bank for Development and Investment. The Iranian bank shares 68 percent of the joint bank’s capital;

Iraqi officials working under the enhanced information-sharing agreement reported to their U.S. counterparts that three sanctioned Iranian banks – Islamic Regional Cooperation Bank, Bank Melli and Parsian Bank—had obtained at least millions of dollars through the auction. Like other Iranian banks, those were operating under international sanctions, and it was illegal for the Fed to knowingly ship dollars to them;

The bank has 11 branches in Iraq and plans to facilitate moving funds using secure brokerage network, reception of facilities by Iranian and Iraqi companies, opening LC to facilitate trading and providing banking consultations;

Also Known As:
Banl-e Taawon Mantagheey-e Eslami
Regional Cooperation Of The Islamic Bank For Development & Investment

Involved In:
Military Weapon Program

Country:
Iraq

Address:
Building No. 59, District 929, Street No. 17, Arsat Al-Hindia, Al Masbah, Baghdad
Tohid Street, Before Tohid Circle, No. 33, Upper Level of Eghtesad-e Novin Bank, Tehran

Reason for the color:
» Added to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on November 05, 2018;

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