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Baghdad, Arab Forum
Economical 05/12/2024
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Over two days last week, Baghdad hosted an economic conference focusing on the banking sector to discuss the best ways to find a solution to the challenges facing Arab banks in general and the Iraqi banking sector in particular.
These challenges may have different causes on the one hand and goals on the other hand.
We are not about to present the reasons and objectives, but rather we are looking into the solution. Perhaps the most complex problem faced by the Iraqi banks is the collective sanctions by the US Treasury and the Federal Reserve Bank. Whatever the reasons behind them, whether purely technical or political (par excellence), the conference was an opportunity to present all the laws, requirements and mechanisms that must be Commitment to it, through continuous working sessions over two days, during which clarifications were provided by Arab and Iraqi experts involved in digesting the laws and controls for conducting banking transactions with international banks and avoiding errors and prohibitions.
In any case, the picture was clearly complete before the Iraqi banks, and each of them recognized the unintentional errors and ways to overcome them, and in parallel the reasons and goals became clear to everyone.
In the midst of the tireless efforts made by the government on the one hand, and the Central Bank of Iraq and the Association of Banks on the other, and their attempts to overcome the challenges that faced and are facing Iraqi private banks and the unfairness to which they were exposed through collective punishments that are unprecedented in any country in the world, which has a tangible impact on the sustainability of the work of the private banking system. .
All these efforts were accompanied by a serious government approach that was directed in this direction and was reflected in the activities of the Prime Minister’s visit to the United States of America, which was then crowned by a distinguished reception by the President of the Arab delegations participating in the Challenges Conference hosted by Baghdad last week. What is noteworthy and useful about the results of the conference is the presence and participation of important foreign banks, which allowed them to understand the causes and circumstances of the sanctions and understand the surrounding circumstances. We believe that they will market our banks’ need for correspondent banks and to negotiate through direct meetings in a better way, especially after the technical reasons behind the sanctions became clear. They can be overcome later and there is no need for them. My vision of the results of this conference is that it was an evaluation pause with high transparency and governance for all the course of events and challenges, especially after the picture became clearly clear to the stakeholders.
The government's efforts in attempts to address political causes and resolve them through negotiation are no secret, in addition to the ongoing efforts of the Central Bank of Iraq in this direction, and it represents one of its attempts to extract decisions to lift sanctions, as long as Iraqi banks will adhere to the requirements, controls and instructions for combating the financing of terrorism and money laundering with high transparency. The bottom line is Baghdad remains an important forum for all countries of the world to solve and solve economic and financial challenges and seeks to unify the positions of Arab banks regarding global challenges.
We hope that the conference’s message has reached the relevant authorities in the countries of the world to speed up just and equitable solutions after revealing the causes of misunderstanding between the concerned parties with full transparency and clarity.
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