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Banker: The efforts of the Central Bank and the Association of Private Banks resulted in the exit of Iraq from the list of countries under the monitoring and follow-up
Central Bank of Iraq
Economy News Baghdad:
The expert banking, Abdul Rahman Al-Sheikhli, that the exit of Iraq from the list of countries under the monitoring and follow-up due to efforts exerted by the Central Bank and the Association of Private Banks.
"Iraq was just around the corner in the black list of money laundering and terrorism financing," Sheikhli said in an interview with Al-Iktissad News. "Law No. 39 of 2015 on the money laundering issued by the central government has helped to remove the danger, Banking sector. "
He pointed out that "Iraq has already committed to the standards of the financial working group of 49 criteria, which prompted the latter to lift Iraq from the list, which was afraid to fall in," noting that "Iraq has a rule of observers in the fight against money laundering accredited by the international cams " .
Shaikhli pointed out that "the Association of Private Banks formed a compliance and money-laundering control body, which organized courses involving many employees of the banking sector and contributed to the creation of cadres know what they have and what they have in terms of money laundering and financing of terrorism."
On the return of the work of Correspondent Bank in Iraq, the banking expert, "Most correspondent banks were afraid to work in Iraq, which is a legitimate fear in the absence of security and economic stability."
He concluded by saying that "Correspondent banks will resume business in Iraq after the qualitative jumps jumped by the banking sector."
In turn, the official spokesman of the Central Bank, in the name of Brahimi, said in an interview with "Economy News" that foreign investors before entering any country looking for the classification of that country in the financial work group, and that the exit of Iraq from the lists of the group means the entry of more investors to him " .
With regard to the historical dimension of the classification of Iraq in this area, Brahimi said that "since 2012, the FATF has referred to non-compliance by Iraq with 15 of its key recommendations to combat money laundering."
He pointed out that "the Iraqi side has worked since that date to meet these requirements through a strategic plan was implemented in two phases, the first was the technical measures, starting with the legislation of the law against money laundering and financing terrorism No. 39 of 2015 in accordance with international standards."
He added that "the second phase was the activation of measures to combat money laundering and terrorism financing, as many provisions have been issued relating to crimes of money laundering and activating measures to combat the financing of terrorism through the work of the Committee on the freezing of terrorist funds."
"New sectors have been covered by anti-money laundering measures such as the Securities Commission, the Insurance and Non-Profit Organizations," he said.
He concluded by saying that "after the financial work group achieved in its field visit to Iraq in May of this year, at its meeting held in Paris for the period from 2429/20/2018 to meet Iraq's obligations and its withdrawal from the follow-up to the strict follow-up every two years."
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