The Chairman of the Association of Banks Chairman of the World Union of Arab Bankers Dr. Joseph Tarabay to emphasize Lebanese banks "because of the dangers geopolitical currently growing in our region, in the compliance and risk management, and other anti-money laundering and terrorism financing procedures requirements of the issues, know your customer, and secure the necessary and efficient human resource departments compliance and the adoption of global informatics specialized software, so make relatively compliance departments greater efforts in performing the banking business. " He explained that "what applies to the parent bank in Lebanon, is applied to the branches of a Lebanese bank abroad, in addition to the applicable local laws, a guarantee for the safety of the Lebanese banking sector as a whole of money laundering and terrorist financing", and pointed out that "the existence of nine Lebanese banks in Iraq, the best proof of our desire to contribute to the Iraqi economy and people of Iraq service, despite some of the difficulties faced by our work in Iraq, which has already for some Lebanese banks operating in Iraq that raised directly with the governor, "declared that" these constraints will limit our ability to providing banking products and services that we offer in Lebanon and in other countries, hoping to remove the service of the Iraqi banking sector. "
Tarabay speech came at the opening of financial Iraq Conference Iraq Finance 2016 in "Phoenicia Intercontinental" hotel in Beirut, and continue his work until next Wednesday.
Tarabay: and he threw Tarabay following speech: "Let me first welcome, in my name and in the name of Banks in Lebanon Association Iraqi delegation visit, led by the conservative professor on the Keywords, and colleagues, Iraqi bankers and Lebanese and foreigners present at the Third International Conference on the financial and banks in Iraq. I welcome you in your country, in your capital Beirut is always ready to welcome you and embrace your work, play its traditional role as a place of welcome for Tvakr convergence and dialogue in all circumstances and different events.
The conference today is an essential platform for closer interaction and cooperation between the Iraqi and Lebanese banks, and the exchange of expertise and experience to improve and develop the banking and financial work. As a platform to discuss the current situation and review the issues and challenges that we face, and discuss the prospects for consolidation of relations between banks and banking authorities, as well as providing future opportunities.
We also welcome on this occasion, openly brotherly Iraq on private sector investment and create a receptive structure. And hail up the CBI for his efforts and his quest to modernize the Iraqi banking system and increase its effectiveness and provide safe credit and investment sense for customers, in a large and promising market.
We, in this context, we look forward to further constructive and fruitful cooperation with the brotherly Iraqi banks and with the Central Bank of Iraq, and the presence of nine Lebanese banks in Iraq, but the best proof of our desire to contribute to the Iraqi economy and the brotherly people of Iraq service, despite some of the difficulties faced by our in Iraq, which has already for some Lebanese banks operating in Iraq that raised directly with the governor, and during the last financial inclusion conference in Baghdad. That these constraints will limit our ability to provide banking products and services that we are providing in Lebanon and in other countries, hoping to remove the service of the Iraqi banking sector.
The presence of the Lebanese our banks in the Iraqi market, as in other global markets, it comes within the strategy of the Lebanese banks to expand abroad and the transfer of expertise and experience of its human capital of recognized standing and performance in terms of administration and organization. It is in spite of its small size compared to the Iraqi banking huge market, it is working to provide competitive services and comprehensive banking products to customers, and to develop the Lebanese banking industry experience in the brotherly Iraqi banking sector in order to serve its development and modernization of services provided to customers. It should be noted in this context that, because of the dangers geopolitical currently growing in our region, resort our banks, the protection of its business, to harden in the compliance and risk management, and other anti-money laundering and terrorism financing procedures requirements of the issues, know your customer, and secure the necessary and efficient human resource departments to comply, and the adoption of global IT specialized programs, so make relatively compliance departments greater efforts in performing the banking business. What applies to the parent bank in Lebanon, it applies to all branches of any Lebanese bank abroad, in addition to the applicable local laws, a guarantee for the safety of the Lebanese banking sector as a whole of money laundering and terrorist financing operations, and our banks Lebanese As you know, present in 31 countries, and dealing with correspondents network in 111 cities in the world.
I can not help in this context, only to stop at the role of banks in Lebanon, which constitute the backbone of the economy. The consolidated balance sheet of banks operating in Lebanon until 12.31.2015 has exceeded 0.185 billion dollars, or roughly 3.4 times the gross domestic product of the International Monetary Fund by about $ 54 billion.
It is noticeable that, unlike the regional crisis and negative repercussions, the Lebanese banking sector witnessed a remarkable performance in terms of hardness, which is currently registered acceptable growth rates and the liquidity and solvency encouraging. The reason for this rigidity also to the successful performance of the departments of banks and the Central Bank of Lebanon and the Banking Control Commission, as well as open and permanent dialogue with the Association of Banks in Lebanon. And it produced this permanent cooperation between the authorities and the banking sector banking sector solid.
Ultimately, it remains to hope that the brotherly Iraq is recovering quickly and proceed to reconsider the process of reconstruction, it is a promising market in which banks would be a vital and essential role in the process of advancement. "