Iraqi banks used a U.S. Federal Reserve-managed system designed after the invasion of Iraq in 2003 to covertly transfer billions to Iran's Revolutionary Guard Corps (IRGC) and affiliated militias, according to a journalistic report. The special arrangement allowed Iraqi banks to use funds held at the U.S. Federal Reserve for international trade without disclosing who would receive the funds for each transaction. As a result, U.S. officials estimate that up to 80% of the $250 million in daily wire transfers through Iraqi banks were untraceable. A subsequent investigation by the Federal Reserve revealed that more than 24 Iraqi banks, including three operated by prominent financier Ali Ghulam (Iraqi Middle East Investment Bank, Al Ansari Islamic Bank, and Al Qabidh Islamic Bank), were involved in suspicious transfers. All of the banks have been banned from conducting transactions in dollars.