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IRAQ'S CORRUPTION
العربية
People & Institutions

Al-Huda Bank

مصرف الهدى

This page sets out what the documents in this archive record about this bank: the legal status on the date shown, the cases, the official registers and the sources.

Legal status as of 4 October 2026

Disciplined by an official body

Fined, suspended or otherwise punished by an administrative body.

Also on record

  • Accused by an official bodyAccused by an official body or office holder; not charged.

What the documents say

  • Accused by the 2015 parliamentary committee; FinCEN Section 311 action 2024 (see Al-Huda Bank: FinCEN Section 311 finding and OFAC designation of its owner (2024)).
  • FinCEN Section 311 finding and notice of proposed rulemaking 29 January 2024 (89 FR 6074) naming it a primary money-laundering concern; final rule (special measure five: US correspondent accounts prohibited) published 3 July 2024; Central Bank of Iraq dollar ban effective 29 January 2024. Not on the OFAC SDN list.
Kind
Bank
Roles
  • Private Iraqi bank

Cases

These are the cases in this archive that name this entry, with the status in each case on the date shown.
Cases
CaseRoleStatus in this caseDetailAs of
Parliamentary finance committee (Ahmad Chalabi) dossier: Al-Huda Bank and forged import documents in the dollar auctionPrivate Iraqi bankAccused by an official bodyAccused by the 2015 parliamentary committee; FinCEN Section 311 action 2024 (see Al-Huda Bank: FinCEN Section 311 finding and OFAC designation of its owner (2024)).25 September 2026
Al-Huda Bank: FinCEN Section 311 finding and OFAC designation of its owner (2024)Iraqi private bankDisciplined by an official bodyFinCEN Section 311 finding and notice of proposed rulemaking 29 January 2024 (89 FR 6074) naming it a primary money-laundering concern; final rule (special measure five: US correspondent accounts prohibited) published 3 July 2024; Central Bank of Iraq dollar ban effective 29 January 2024. Not on the OFAC SDN list.25 September 2026

In the registers

Being listed in a register records a role, an ownership stake, a licence or a designation. It is not an allegation. All registers

US Treasury findings under Section 311

A Section 311 finding restricts a bank's access to US accounts. It is not a sanctions designation.

US Treasury findings under Section 311
DateAuthorityActionReason givenDocument
29 January 2024US Treasury (FinCEN)Section 311 finding (primary money-laundering concern)
Section 311 USA PATRIOT Act (31 U.S.C. 5318A): finding of primary money laundering concern and proposed rule (special measure five)
“Al-Huda Bank served as a significant conduit for the financing of foreign terrorist organizations (FTOs).”Original
26 June 2024US Treasury (FinCEN)Section 311 finding (primary money-laundering concern)
Section 311 USA PATRIOT Act (31 U.S.C. 5318A): final rule imposing special measure five
“Al-Huda Bank has for years exploited its access to U.S. dollars to support designated foreign terrorist organizations”Original

Documents

No document is filed under this entry itself. These are the documents of the cases that name it. Each quote is given in the language of the document.
  1. OCCRP (Aisha Kehoe Down, Lara Dihmis, Rana Sabbagh, Kevin G. Hall)8 October 2024Press reportTier D

    Iraq's Dollar Auction: The "Monster" Funneling Billions to Fraudsters and Militants Through the U.S. Federal Reserve

    Over 99 percent of the money obtained by one bank in a single month in 2012 was cleared based on documents that appeared fraudulent.
    Case: Parliamentary finance committee (Ahmad Chalabi) dossier: Al-Huda Bank and forged import documents in the dollar auction
    Original
  2. US Department of the Treasury29 January 2024Sanctions noticeTier A

    U.S. Treasury Takes Action to Protect Iraqi Financial System From Abuse (jy2053)

    Today, OFAC designated Hamad al-Moussawi, the owner and president of the board of directors of Iraq’s Al-Huda Bank, for his support to the IRGC-QF
    Case: Al-Huda Bank: FinCEN Section 311 finding and OFAC designation of its owner (2024)
    OriginalSHA-256 aa71d7ae9a02
  3. FinCEN / Federal Register31 January 2024Sanctions noticeTier A

    Proposal of Special Measure Regarding Al-Huda Bank (89 FR 6074)

    FinCEN assesses that Al-Huda Bank has deliberately embarked on a strategy that relies on exploiting the CBI dollar auction to support designated FTOs
    Case: Al-Huda Bank: FinCEN Section 311 finding and OFAC designation of its owner (2024)
    OriginalSHA-256 44624960fc21
  4. Central Bank of Iraq4 February 2024Government statementTier A

    قائمة المحرومين من التعامل بعملة الدولار الأمريكي (list created 4 Feb 2024)

    Investment Bank of Iraq BIQ012/2 بغداد Baghdad 29 1 2024
    Case: Al-Huda Bank: FinCEN Section 311 finding and OFAC designation of its owner (2024)
    OriginalSHA-256 e133e1786473
  5. FinCEN / Federal Register3 July 2024Sanctions noticeTier A

    Imposition of Special Measure Regarding Al-Huda Bank

    OriginalSHA-256 124cd6f3581e

Articles

These press articles mention this name and are listed with the newest first. They are given for journalists and researchers. An article is a report, not a finding. (6 articles)
  1. June 2024
    FinCEN Finalizes Financial Measure Against Iraq-based Al-Huda Bank to Combat Terrorist FinancingFinCEN
  2. 30 January 2024
    العقوبات على مصرف الهدى بسبب أنشطته خلال 2022، توضيح من البنك المركزي964media.com
  3. 30 January 2024
    Central Bank discusses US sanctions on Al-Huda Banken.964media.com
  4. 29 January 2024
    U.S. Treasury Takes Action to Protect Iraqi Financial System From AbuseUS Department of the Treasury
  5. 29 January 2024
    Taking Financial Measures Against Iraqi Bank and Designating its OwnerUS Department of State
  6. 29 January 2024
    U.S. Treasury imposes sanctions on Al-Huda Bank for "Terrorism Financing and Money Laundering"shafaq.com