Iraq Cracks Down on US Dollar Smuggling

Iraq Cracks Down on Dollar Smuggling Amid Growing U.S. Pressure Story by David S. Cloud • Yesterday 10:51 AM BAGHDAD—Iraq is trying again to crack down on money laundering and smuggling as the U.S. steps up pressure to stop dollars flowing to Iran and better isolate it from the rest of the world economy. The dollar has served as almost a second currency in Iraq after the U.S. invaded in 2003, pumping greenbacks into the country to keep it functioning. Two decades later, Iraq still keeps its foreign reserves at the Federal Reserve Bank in New York, depositing the proceeds from its…