Baghdad (IraqiNews.com) – The Governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, reaffirmed on Wednesday the country’s commitment to countering money laundering and terrorist funding in collaboration with international partners.
During his participation in a conference held in Baghdad on combating money laundering and terrorist financing, Al-Alaq stated that Iraq is working with foreign partners to ensure compliance with international treaties on combating money laundering.
Iraq has unique qualities in terms of financial data transparency and access required by authorities for monitoring currency flows outside the country, according to Al-Alaq.
Al-Alaq explained that Iraq is cooperating on a global scale to exchange information through broad communication networks.
Al-Alaq also stated that Iraq had some shortcomings that needed to be addressed, which the CBI did well by implementing suitable measures to decrease the dangers of money laundering and assure effective counter-terrorism financing.
The CBI said last month that Iraq is adopting an extensive reform strategy designed to make the country’s private banking industry a robust, innovative, and expansion-oriented system. The strategy aims to increase financial inclusion, boost economic growth, and provide stockholders with long-term returns.
Expanding financial inclusion throughout Iraq, improving the effectiveness and productivity of private banks, and creating a competitive, risk-resilient banking environment are the three primary aspects around which the reform program is built, according to a statement released by the CBI.
By implementing financial literacy initiatives, bolstering the legislative and regulatory framework, and enhancing depositor and creditor safeguards, the strategy seeks to rebuild public confidence in Iraq’s banking sector. Additionally, it will make financial services more accessible across the country.
The CBI plans to boost its anti-money laundering operations through the adoption of digital identification technologies.
Read More: CBI confirms commitment to combating money laundering
