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US Treasury: Iraq has made progress financial Baktall CBI
4/12/2016 0:00
[rtl]BAGHDAD / morning
moving towards a banking sector strong and active adopts international regulations and undermines the financial crimes through anti - money laundering and terrorist financing through the adoption of international standards adopted by the major global banks are procedures and the reality of the banking business in Iraq after the adoption ofaddressing these crimes mechanisms.
Forum compliance and anti - money laundering and terrorism financing , which was held under the auspices of the governor of the Iraqi Central Bank and organized by private banks , which discussed the central bank measures to ensure compliance with and application of international standards in this area requirements which the US Treasury announced that Iraq Association has achieved exceptional progress financial sector during the past four years, but lacked to announce what has been achieved from theachievements.
Financial Crimes
Central Bank Governor Dr. On the Keywords said, that this event is the first of its kind as it deals with important topics at the local and international levels, calling for more forums that discuss these positions for making a solid barrier against financial crimes in Iraq, pointing out that the central attaches great importance to its organizations specialized in this regard.
He stressed the need to improve banking institutions to work on the creation of an effective banking sector does not allow the operations of money laundering and financing terrorism, pointing out that the ongoing work to upgrade the work of the Central Bank through the strategy put forward by the aim of turning it into an enterprise engaged in theframework of the advanced central banks.
Targets development
Keywords noted that the central shifting from achieving conventional goals to developmental goals achieved financial stability and perhaps the central bank lending initiative , which is carried out via specialized and private banks bear evidence of this trend to move the sectors of the economy, pointing out that the Central is looking forward to the electronic work through programs being expanded on the central level and the private banking sector.
He pointed to the Central shift to build the structure of a new organization responds to data development through the establishment of new units have a significant role in improving the real targets that the bank is looking to achieve, where the introduction ofnew modules promote work and rely sophisticated methods.
Governance guide
pointed to compel banks to form units of risk management and money laundering, where the central contribute to the preparation of competencies, attach this matter of extreme importance through direct contact to focus on it and modular important elevate theperformance of the banking sector and the strengthening of the external position, confirming the completion of banking governance guide , which will be piped to banks to comply with its content, especially as he was prepared under the supervision of a private specialist center carefully.
Keywords He set new standards for the entry of the private banking sector to auction currency organize the sales process in accordance with the special rules indicate theextent of banks vocabulary commitment, pointing out coordination with specialized international bodies in the area of capacity - building and hailed internationally this step ,which enabled Iraq 's transition from the gray area of white to.
Addressing the challenges
head of the Iraqi private banks association Wadih Handal between the role of association and private banks operating in the implementation of these tasks and training and thecreation of competent management activity and organizational structures for compliance units competencies and how to address the challenges facing the Iraqi banks with correspondent banks.
This means compliance program of work of banking institutions depends transparency in work and avert the violation and punishment, through adherence to international standards, audit and supervision.
He has been the Central Bank of Iraq and under the direct supervision of the governor 'sprominent role in the legislation of anti - money laundering law and terrorism financing No. 39 for the year 2015 , which included basic materials for the protection of Iraq 'smoney and combating the financing of terrorism and to maintain the pillars of structural Iraqi economy in addition to the procedures, policies and mechanisms detailed work will avoid the risk of bank reputation affected , especially in our banks relationships with correspondent banks and ensure the continuation of sound relations based on mutual trust and faith in the inevitability exceeded the Iraqi economy , the current dogged effective contribution from the Iraqi banking sector as the first episode major in finance and investment for building and economic reform activity in the post "Daesh stage " Theterrorist.
Robust economy , the
consultant in quality and institutional development department at the Bank of the Iraqi Center Sebastian Talat reviewed the stages that are fabricated by the evolution of thecentral work of praising the role of the world 's leading international organizations and friendly countries to provide assistance in this matter, which gave a lot in training and infrastructure of the financial system in Iraq We look forward to more , which contributes to the development of the banking sector.
He said that work began to assess the extent of compliance within the central bank and the banking sector, and here it was necessary to restructure the central bank in order tokeep abreast of developments in the world 's central banks, referring to the continuing application of goals in order to be effective in building a strong economy.
Talat noted that compliance requirements include a set of national laws and international requirements must be adhered to by the bank, should also be having employees with ahigher authority to oversee all operations and inform references, confirming the presence of an effective training programs lift capacity, as well as the existence of open channels between the central departments and procedures supervisory distinct with the help of aspecialized international company in this regard.
And sale of foreign currency mechanisms pointed to the existence of a joint working group between the center j Iraqi Federal and American Bank to sell the currency control mechanisms to make sure the money trends in the commercial sector and achieve thegoals of the sale.
Capacity building
As executive director of the Association of Private banks Ali Tariq said that theassociation attaches great importance to the issue of capacity building in the money laundering field and the financing of terrorism and the various banking disciplines inaccordance with the periodic training plan in this regard aimed at workers in the public and private sectors, pointing to prepare a special booklet in this regard during the thecoming period and distributed among the banks.
Tariq said the association is working with Zain to train banking competencies for Alkmz certificate, which contribute to the development of the banking business to a global ranges.
Knowing achievements
either US Treasury representative at the American Embassy , John Sullivan spoke about the international support for the fight against money laundering and financing terrorism in Iraq and said that Iraq has made over the Almasih four years , extraordinary progress in the financial sector and in turn advocate for Iraq in this direction that achieves development, calling for disclosure of achievements that is achieved through advertising in various media as the international community is watching the reality of money in Iraq and has a desire to know more of the achievements realized here.
He pointed to the importance of being present at the forum ambassadors for their country abroad and inform the global effort on what is being done in Iraq.
He noted that this important meeting for coordination between the members of the banks to develop new banking systems , such as anti - money laundering and terrorism financing, development according to international standards and to discuss their work mechanisms, especially after a number of qualified Iraqi received training to international standards in this field, which is a good investment by institutions banking.
Noting that Iraq 's richest oil dependence and must activate the investment environment and is an important event because it shows the flow of money in Iraq, as well as relevant laws. Turn between economic consultant Baghdad forum Samir Nasiri that theapplication of standards compliance means compliance with the laws governing thebanking business issued by the relevant authorities and lack of commitment leads to many risks financial and legislative as well as the reputational risk that led to the Iraqi banks affected its relations with correspondent banks that.[/rtl]
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