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Specialists: Iraq is committed to applying anti-money laundering standards
Economical 05/26/2024
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Economic circles specialized in financial affairs welcomed what was stated in the mutual evaluation report of the Republic of Iraq, regarding Iraq’s role in combating money laundering and terrorist financing, and that strengthening the financial performance in Iraq represents an important step in harmony with the government’s directions aimed at bringing major investments to the country, which requires... A developed and ideal financial sector that ensures money flows in the right direction.
In its general meeting held in the Kingdom of Bahrain, the Middle East and North Africa Financial Action Task Force (MENAFATF) adopted the mutual assessment report for the Republic of Iraq, which reflects its great commitment to applying international standards to combat money laundering and terrorist financing. The report reflects the solid system in Iraq to combat money laundering and terrorist financing. Terrorism, and the important efforts undertaken by the state to combat these crimes in accordance with international standards in this regard.
Executive Director of the Iraqi Banks Association, Ali Tariq, said: This evaluation did not come out of nowhere, but was preceded by great work and concerted efforts to adopt global performance standards that continued for years, and the Central Bank had the most important role in this matter, by working to invest risks and laying solid foundations. To combat money laundering and terrorist financing.
Tariq added that regulating the financial sector in Iraq represents the goal of everyone, in order to create a banking system capable of providing services that rise to global standards, and reflect a positive image of Iraq’s financial reality in front of the major international banks, pointing out that Iraq is in dire need of developing its performance, as we have A large, broad and growing business, and this requires the presence of a highly organized financial sector.
He pointed out that training human resources and involving them in specialized courses in the field of money laundering and combating terrorism has created Iraqi expertise that has weight within the banking system, and today it is comparable to international expertise in this important detail.
He pointed out that Iraq's presence within the international financial system represents an inevitable necessity and a goal that has begun to be achieved gradually, and with the development of our financial performance, which has become the goal of many banks, as they have included in their development plans the adoption of the best financial work systems that safeguard the performance of our banking system.
The Governor of the Central Bank, Ali Al-Alaq, said in a press statement regarding the Middle East and North Africa Financial Action Task Force (MENAFATF), that the report focuses on understanding the risks of money laundering and terrorist financing, and the effectiveness of implementing measures to combat these crimes, including international cooperation, confiscation of criminal proceeds, and procedures for combating these crimes. Investigation and prosecution. On this occasion, he thanked Mr. Prime Minister Muhammad Shiaa Al-Sudani and Mr. President of the Judicial Council for the support they provided for the evaluation process, as well as to the members of the Anti-Money Laundering and Combating the Financing of Terrorism Council, the Anti-Money Laundering and Combating the Financing of Terrorism Office, and all judicial and governmental bodies and Central Bank formations that contributed and worked. Over the past two years, we have provided evaluation requirements in a way that reflects the real reality of effective judicial and government procedures in developing the system to combat money laundering and terrorist financing.
Financial affairs specialist Raghad Nabil Al-Alusi said: The adoption of international standards has begun to reflect a positive image of the local financial sector, which has begun to adopt advanced systems in its daily performance and in providing services to customers, pointing out that when the evaluation comes internationally, this is an indication that Iraq is on the right path. The right thing to do is to strengthen its financial sector and move to a new stage that is compatible with global trends.
She stated that the global effort that wants to enter the Iraqi market is interested in such reports that change the view of international companies about Iraq and its financial sector, and such reports represent the presence of serious Iraqi work to develop the financial sector, and we see the presence of a great effort being made by the Central Bank under the guidance of Prime Minister Muhammad Shia Al-Sudani to improve the performance of the Iraqi financial sector.
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