Mark Savaya, the United States Special Envoy to Iraq, said he met with senior officials from the U.S. Department of the Treasury and the Office of Foreign Assets Control (OFAC) to address financial governance challenges within Iraq’s banking sector.

In a statement posted on X, Mark Savaya said he met with officials from the U.S. Department of the Treasury and the Office of Foreign Assets Control to discuss challenges and reform opportunities across Iraq’s state-owned and private banking sectors.

Savaya said the discussions focused on strengthening financial governance, regulatory compliance and institutional accountability.

According to his statement, the sides agreed to carry out a comprehensive review of suspected payment records and financial transactions involving Iraqi institutions, companies and individuals allegedly connected to smuggling operations, money laundering schemes and fraudulent contracts that finance or enable terrorist activity.

He added that talks also addressed potential next steps related to forthcoming U.S. sanctions aimed at what he described as malign actors and networks undermining financial integrity and state authority.
Savaya said cooperation between Iraq and the United States on financial oversight has intensified, describing bilateral relations as particularly strong under the administration of U.S. President Donald Trump.

U.S. Treasury officials have not issued a separate public statement detailing the scope or timeline of any potential sanctions.