Forum compliance is the first of its kind as it deals with important topics at the local and international levels


Economy News / Baghdad ....

Moving towards a solid and efficient banking sector 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 international banks has become the reality of the procedures in the banking business in Iraq after the adoption of mechanisms to address these crimes.

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 the achievements.

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 the framework of the advanced central banks.

Development goals

Keywords noted that the central shifting from achieving conventional goals to the goals of development 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 across programs are being expanded at the central level, 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 of new modules promote work and rely sophisticated methods.

Governance guide

He pointed to compel banks to form units of risk management and money laundering, where the central contribute to the preparation of competencies, attach this is particularly important through direct contact to focus on it and modular important elevate the performance 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 its content, especially as he had prepared with special care under the supervision of a specialized center.

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 the extent 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

President 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 the creation 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's prominent 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's money 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 "The terrorist.

A solid economy

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 the central 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, and we look forward to more which contributes 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 to keep 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 a higher 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 a specialized 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 the goals of the sale.