The Central Bank of Iraq announced progress in the procedures for controlling external transfers and sales of currency dollars and protecting the banking and financial sector from the risks of money laundering operations, following ongoing discussions with the Central Bank of Iraq with the Federal Reserve Bank and the US Treasury Department.
The governor of the bank, Ali Al-Alaq, said in statements to the Al-Hurra website, “The ongoing quarterly meetings with the Federal Reserve and the US Treasury Department are within the framework of the organization of activities and coordination between the two sides, which have close relations, lead to the agreement on procedures and formulas that are in line with the best practices and international standards, the last of which was the plan related to… “By organizing external transfer operations by rebuilding them according to new standards and procedures.”
Al-Alaq revealed that Iraq has achieved 95% progress in terms of procedures for controlling external transfers, selling cash dollars, and protecting the banking and financial sector from the risks of money laundering operations.
In July 2023, the US Treasury Department imposed sanctions on 14 banks, followed by months of similar sanctions that included 4 other Iraqi banks after they were accused of laundering money
The Iraqi government, through the Central Bank of Iraq, has been continuing its negotiations for about two years with the US Treasury to lift sanctions on these banks, all of which are private banks.
A member of the Finance Committee of the Iraqi Parliament, Jamal Kujar, confirms that most of the approved banks are private banks that represent the faces of the political parties that the United States does not deal with.
Koger explains to the Al-Hurra website, “The US Treasury Department sanctioned these Iraqi banks for engaging in practices that fall under money laundering, money smuggling, and suspicious transactions as a reward, the owners of these banks are putting pressure on the government to lift the sanctions on them, but I don’t think the United States will respond to these pressures, it will give up the sanctions that and he will put them to work.”
Koger points out that the American pressure on the Central Bank of Iraq will not decrease if there are no changes in the behavior of these banks, asking these banks to implement the conditions required by the US Federal Reserve in terms of transparency, clarity and enthusiasm. to US sanctions on some countries.
The number of banks in Iraq is about 79, 8 of which are government, and one digital bank, and the banking sector suffers from weakness in providing modern and advanced banking services.
For about two years, the Iraqi government has been trying to digitize financial services, correct and evaluate financial policy, promote financial inclusion, keep up with technological development, and restructure the sector banking in the country, which has not yet shaken off the dust of the country. the political, economic and security crises that have been going on for decades.
2024-11-11 18:13:00
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