Al Saqi Electronic Payment Company
This page sets out what the documents in this archive record about this company: the legal status on the date shown, the cases, the official registers and the sources.
Legal status as of 4 October 2026
Accused by credible media or a published report; no official action known.
What the documents say
The Wall Street Journal (31 May 2025) reports that the US Treasury 'blacklisted' three Iraqi card issuers suspected of ties to the militias, one of them Al Saqi, and that Visa stopped processing its cards. The paper names no legal instrument, and no OFAC designation is on record. Reuters reported on 16 February 2025 that the Central Bank of Iraq would bar 'AL-Saqi Payment' from dollar dealing; the central bank denied that US sanctions had been imposed. Not charged as of the date of writing.
- Kind
- Company
- Roles
- Electronic payment and card company affiliated with the Holy Shrine of Al Abbas, Karbala (WSJ)
Cases
| Case | Role | Status in this case | Detail | As of |
|---|---|---|---|---|
| Card-based dollar arbitrage: Iraqi prepaid and debit cards on the Visa and Mastercard networks (from 2023 to 2025) | Electronic payment and card company affiliated with the Holy Shrine of Al Abbas, Karbala (WSJ) | Accused in credible reporting | The Wall Street Journal (31 May 2025) reports that the US Treasury 'blacklisted' three Iraqi card issuers suspected of ties to the militias, one of them Al Saqi, and that Visa stopped processing its cards. The paper names no legal instrument, and no OFAC designation is on record. Reuters reported on 16 February 2025 that the Central Bank of Iraq would bar 'AL-Saqi Payment' from dollar dealing; the central bank denied that US sanctions had been imposed. Not charged as of the date of writing. | 30 September 2026 |
Documents
- The Wall Street Journal (full text reprinted by To Vima)31 May 2025Press report (unnamed source)Tier C
Needing Dollars, Iran-Backed Militias Turn to Visa and Mastercard (David S. Cloud)
OriginalIraq was a minor market for Visa and Mastercard a couple of years ago, generating just $50 million a month or less in cross-border transactions at the start of 2023. ... In recent days, Treasury formally asked the Iraqi central bank to block the more than 200,000 cards used by militia members due to fraud concerns.