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The CBI said that the existence of branches of foreign banks in Iraq represents an important part of the requirements of Iraq's accession to the World Trade Organization.
Deputy Governor of the Central Bank Mohammed Saleh appearance today: "the Central Bank Act No. 49 of 2004 allowed foreign banks to open branches in Iraq vs open last branches in various States."
"The mutual financial openness between Iraq and foreign banks would support the local economy and create a competitive environment among Iraqi banks and their foreign counterparts operating in local money square".
Saleh said that "all branches of foreign banks in Iraq controlled by the Central Bank and its conditions of licence relating to open branches in Iraq."
He noted that "the most important conditions to leave in Iraq is a foreign bank to disclose the source and amount of funds that will be used in capitalization of the Iraqi investment and disclose any fines or other penalties imposed by the applicants for foreign supervisory authority, as well as the requirements of the home country of anti-money laundering and terrorism or other illicit activities, and a statement on the implementation of the recommendations of the parent bank in anti-money-laundering and number 40".
"The conditions have also pledged the Bank subjected to any fines or other sanctions by the control authority (10) years or any further legal action was taken against him or any issues or decisions by the supervisory authority (3) previous years."
Works in Iraq 44 banks based and foreign banks, including branches of the Lebanese and an Iranian, Turkish and Emirati plus 6 governmental banks and rational and Rafidain Bank of Iraq's trade and Industrial Bank and the agricultural Bank and land bank./finished 3