Baghdad – IA – Hassan Al-Fawaz
The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed today, Monday, that the government has paid great attention to the issue of combating money laundering and the financing of terrorism, while noting that the partnership with the Union of Arab Banks will result in major projects and a movement around building a banking sector capable of facing challenges and financing projects.
Al-Handal, in his speech during the conference “The Challenges Facing Arab Banks in Complying with International Laws and Legislation and Meeting the Requirements of Correspondent Banks,” attended by the correspondent of the (INA), expressed his “welcome and great feeling for the constructive strategic partnership with the Union of Arab Banks,” indicating that “ “It will result in major projects that will help develop banking work in Iraq and open the horizon of cooperation with foreign banking institutions.”
He added, “We are very optimistic about Iraq’s wider openness to the outside world, which supports the development of the Iraqi economic situation, attracts local and international investments, and consolidates the role of the banking sector in development.”
He continued, “Our vision and work revolve around building a strong Iraqi banking sector, capable of facing challenges and contributing more to financing projects of various types, supporting the Iraqi economy, developing local and international partnerships, and promoting the concepts of financial inclusion in society.”
He pointed out that “the Arab region is witnessing great challenges at all levels, including economic challenges and challenges of banking in particular, including what happened in Iraq in terms of deprivation in dealing with the main international currency (the dollar), which is close to half of the number of Iraqi banks and has had a significant and clear impact on… Banking services inside Iraq, despite the efforts of governmental and private institutions to comply with local and international anti-money laundering and terrorist financing laws throughout the previous period.”
Al-Handal praised, “the efforts of the Iraqi government and the Central Bank of Iraq in resolving these problems with the American side, especially what resulted from the visit of Prime Minister Muhammad Shia al-Sudani to Washington, and the meeting with a number of American figures and the outcomes that determined the appointment of a review committee and the development of a road map for solutions.” .
He pointed out that “the Iraqi Private Banks Association is fully prepared to cooperate and support the plans of the government and the Central Bank of Iraq and to contribute to improving the banking environment and developing the banking infrastructure in accordance with the best international practices,” stressing “the efforts to return the Iraqi banking sector to practicing its work normally.”
He noted that “Iraqi banks have paid great attention, during the past years, to the file of combating money laundering and terrorist financing, which was represented by training human resources and establishing compliance and risk departments in all banks operating inside Iraq and in accordance with the directives of the Central Bank of Iraq,” noting “the completion of work on this matter.” Trends and development of programs and initiatives that are in the interest of sound banking work.”
He added, “Since last year, Iraq has witnessed a significant and rapid development with regard to electronic payment and the transition to an economy represented by less use of cash, as the Council of Ministers directed all governmental and private institutions to provide at least one electronic payment tool for the purpose of collection and collection.”
He stated, “The role of banks and electronic payment companies has been keeping pace with these major changes by deploying payment devices in unprecedented numbers and issuing cards of all kinds in a professional manner with highly precise and sophisticated controls. In addition, the use of electronic payment in Iraq has witnessed tangible and clear progress at various levels and from “The use of these tools is expected to double significantly during this year.”
He continued, “This conference discusses the importance of Iraqi banks being open to international banks, and establishing important partnerships that will reflect positively on their work inside the country, as the partnership with the Union of Arab Banks comes in developing a strategy for Iraqi banks to adopt a number of Arab and foreign banks as correspondent banks, to finance Iraqi trade, especially since the Central Bank decided to cancel the dollar platform at the end of this year, and this will have a greater impact on these banks that are still operating until now, relying on limited foreign correspondent banks.”
He called, “The Iraqi government and the Central Bank, to work to strengthen the private banking sector, by supporting private banks in general and disadvantaged banks in particular to ensure the continuation of their work and open the horizons of banking work more broadly, whether inside Iraq or to help build strong relationships with international financial institutions.”
The President of the Association of Private Banks continued, “The Association of Private Banks, which represents the interests of its members locally and internationally, will continue its direct dialogues with Arab central banks and Arab and international banks, in order to open new horizons for Iraqi banks, as well as continuing the open dialogue with the Iraqi government and the Central Bank of Iraq in various directions.” Supporting banking work.
He concluded, “We are optimistic that this conference will lead to establishing a comprehensive framework for a new phase for the Iraqi banking sector, in which we inspire hope, openness to the Arab and international circles, and strengthen the bonds of partnership,” expressing “his hope that the conference’s decisions and recommendations will reflect the magnitude of the great responsibility placed on it.” In developing banking work.