CBI News 07/01/2018

[Butifldrm]

Iraq has regained world confidence in its banking system

 

Governor of the Central Bank Ali Al-Alaq

  

 money and business

 

Economy News Baghdad

The Central Bank of Iraq said on Thursday that the decision of the International Financial Action Organization ( FATF ) to withdraw Iraq from the list of countries under the monitoring and follow-up of international funds has raised the confidence of States in dealing with the financial with Iraq, revealing the transfer of 180 reports to the prosecution during the last period On suspicion of money laundering or terrorism financing.

"The decision of the International Financial Action Organization has helped to acquire foreign financial transactions of Iraq, a great credibility for countries, banks, foreign correspondents and financial institutions," said the governor of the Central Bank, Ali al-Alaq, in a statement quoted by the official newspaper "Al-Sabah". That "these parties are afraid to deal with countries that do not have full discipline or control on the fight against money laundering and the financing of terrorism."

He explained that "Iraq is currently attractive to international financial and investment institutions and once the announcement of raising the attention of all international financial institutions," noting that "among the indicators of seriousness of the country in this context, enabling him to submit 180 reports of the prosecution on suspicion of money laundering or terrorism financing "He said.

He pointed out that "Iraq's financial and monetary transactions going in the right direction in conjunction with the development of regulatory systems and laws as all banks are required to establish anti-money laundering units and compliance units, as well as ensure the independence of the money laundering and terrorism financing."

Views 66   Date Added 08/02/2018

http://economy-news.net/content.php?id=13111

[yota691]

The Central Bank transmits 180 reports on money laundering to the Public Prosecution

August 02 2018 12:39 PM

 

 

KUWAIT: The Central Bank of Iraq (FATF) announced today that it has transferred 180 reports to the public prosecutor on suspicion of money laundering or financing of terrorism, stressing that the decision of the International Financial Action Organization (FATF) to withdraw Iraq from the list of countries under the monitoring and follow- Led to the confidence of States to deal financially with Iraq, while.

Al-Alak said in a statement that "the decision of the International Financial Action Organization has helped to acquire foreign financial transactions of Iraq is very reliable for countries, banks, foreign correspondents and financial institutions," noting that "these parties are afraid to deal with countries that do not have full discipline or control of the fight Money laundering and terrorist financing ".

He added that "Iraq is currently attractive to international financial and investment institutions and once announced the lifting of the follow-up attention of all international financial institutions," noting that "among the indicators of serious country in this framework, enabling him to submit 180 reports of the prosecution on suspicion of money laundering or terrorism financing "He said.

He pointed out that "Iraq's financial and monetary transactions going in the right direction in conjunction with the development of regulatory systems and laws as all banks are required to establish anti-money laundering units and compliance units, as well as ensure the independence of the money laundering and terrorism financing."

[yota691]

180 files for money laundering and terrorist financing under investigation .. and Iraq outside the financial control system

10:33 - 02/08/2018

 

 

 

BAGHDAD - 
The Central Bank of Iraq announced on Thursday, the transfer of 180 reports to the prosecution on money laundering and terrorism financing, stressing that Iraq has become outside the financial control system. 
"The decision of the International Financial Action Organization has helped to acquire foreign financial transactions of Iraq, great reliability for countries, banks, foreign correspondents and financial institutions," said the governor of the Central Bank, according to the newspaper "morning", noting that "these parties are afraid to deal with countries Which does not have full discipline or control over anti-money laundering and terrorist financing. "
He added that "Iraq is currently attractive to international financial and investment institutions and once announced the lifting of the follow-up attention of all international financial institutions," noting that "among the indicators of serious country in this framework, enabling him to submit 180 reports of the prosecution on suspicion of money laundering or financing Terrorism ". 
The Governor of the Bank, "Iraq's financial and monetary transactions going in the right direction in conjunction with the development of regulations and regulatory laws as all banks are required to establish anti-money laundering units and compliance units, as well as ensure the independence of the Office of money laundering and terrorist financing."

[dinareffic]

Iraq has regained world confidence in its banking system



 

The Central Bank of Iraq said on Thursday that the decision of the International Financial Action Organization ( FATF ) to withdraw Iraq from the list of countries under the monitoring and follow-up of international funds has raised the confidence of States in dealing with the financial with Iraq, revealing the transfer of 180 reports to the prosecution during the last period On suspicion of money laundering or terrorism financing.

"The decision of the International Financial Action Organization has helped to acquire foreign financial transactions of Iraq, a great credibility for countries, banks, foreign correspondents and financial institutions," said the governor of the Central Bank, Ali al-Alaq, in a statement quoted by the official newspaper "Al-Sabah". That "these parties are afraid to deal with countries that do not have full discipline or control on the fight against money laundering and the financing of terrorism."

He explained that "Iraq is currently attractive to international financial and investment institutions and once the announcement of raising the attention of all international financial institutions," noting that "among the indicators of seriousness of the country in this context, enabling him to submit 180 reports of the prosecution on suspicion of money laundering or terrorism financing "He said.

He pointed out that "Iraq's financial and monetary transactions going in the right direction in conjunction with the development of regulatory systems and laws as all banks are required to establish anti-money laundering units and compliance units, as well as ensure the independence of the money laundering and terrorism financing."

 

http://economy-news.net/content.php?id=13111

[newbieDA]

1 hour ago, dinareffic said:

"Iraq is currently attractive to international financial and investment institutions and once the announcement of raising the attention of all international financial institutions,"

 

[olivesman]

NEXT STEP: Rebuild MY confidence in MY banking system! 

[Big_J]

GD ALL OF DV.

[3n1]

3 hours ago, dinareffic said:

International Financial Action Organization ( FATF ) to withdraw Iraq from the list of countries under the monitoring

 

 progress.... hopefully this is another piece to international bank acceptance for iraq ...... 

[yota691]

Governor of the Central Bank of «Economy News»: Iraq implemented all the recommendations of the International Labor Organization

 

Governor of the Central Bank Ali Al-Alaq

Banks Economy News Baghdad: The Governor of the Central Bank, Ali al-Alak, that Iraq has implemented all the recommendations of the International Financial Action Organization "FATF" of 44 recommendations, which moved from the follow-up area to the regular follow-up area, which is subject to other countries every two years, noting that Iraq ranks fourth Arab as the best Foreign currency reserve. The governor of the Central Bank Ali Al-Alak was named the best central bank governor in the Arab world for 2018 by the Union of Arab Banks at the Arab Banking Summit held in Paris at the end of June. This was the result of his policies which contributed to saving monetary policy and fighting money laundering and terrorism. And inflation. Al-Aalak said in an interview with "Economy News" that "the recent decision of the International Financial Action Organization to leave Iraq from the follow-up area to the regular follow-up area, which is subject to other countries every two years, has great domestic and international repercussions because it contributes to bridging the relationship between the banking sector And the International Financial Corporation, "noting that" the biggest risk to the banking and financial sector is the subject of money laundering and financing of terrorism and if we do not take international action, this makes global financial institutions cautious and reluctant or reluctant to deal with Iraq, which leads to significant risks to the work of the banking sector ". He added that "Iraq today completed all the recommendations of the International Labor Organization, which are 44 recommendations and we were able to face all the challenges in the implementation of these recommendations," noting that "Iraq is currently in the stage of follow-up or international scrutiny of the work of the Central Bank and banks and government institutions to identify the strengths and weaknesses in Our work ". Al-Aalak said that he was "briefed on the World Bank's 2012 report commissioned by the Financial Action Organization and contained 700 points indicating the existence of a flaw in all joints related to the subject of money laundering and the financing of terrorism." Terrorism and was able to move Iraq from the stage of danger to the stage of safety and exit from the black list and save the banking sector from the interruption of the outside world in financial transactions. He pointed out that "the most important step we have taken is to legislate the AML / CFT law in a new format that takes into account all the developments in the money laundering and terrorist financing file, in accordance with international standards, which gave force to all Iraqi parties to abide by these rules, and does not oppose the laws legislated earlier "" Under the AML / CFT Act, the National Council for Combating Money Laundering and the Financing of Terrorism is a committee to freeze the assets of terrorist funds. " He pointed out that "the Central Bank has formed several sections in banks, including compliance and risk management, which gives strength to the work of Iraqi banks in the fight against money laundering and financing of terrorism," explaining that "the main success indicator of our work is the diagnosis of cases of money laundering goes directly to the judiciary, The work of the system in general . " "For the first time in the history of Iraq, there are dozens of cases referred to the judiciary on suspicion of money laundering and financing of terrorism, and there are several decisions issued freezing funds of terrorists and there are some issues for the first time to be included in the United Nations. Last year we had a meeting in the Security Council is the first Of its kind to put Iraq's strategy in the fight against money laundering. " He pointed out that "the law of the Central Bank does not allow investment reserves existing at the Central Bank only in specific areas, because it stems from the philosophy of not exposing the reserves to any kind of risk on the one hand, on the other hand, the reserve must be always available such as current accounts . He stressed that "Iraq's reserves are fully insured in accordance with the standards of the International Monetary Fund, and occupies Iraq ranked fourth in the Arab reserves of foreign currency," adding that "Iraq's foreign currency reserves growing day after day." He pointed out that "there is no discrimination in Iraq between the reserves of the government and the Central Bank, as the government reserves differ from the reserves of the Central Bank, and the lack of distinction caused confusion in the citizen and the official, which reflected negatively on the financial policies," noting that "the biggest challenge facing Iraq is stability And his absence greatly affects investors and sustaining the economy, "he said." When stability is achieved, it will lead to the recovery of the banking sector and the central bank, and will also inspire investors to invest in the country. " Views 12   Date Added 08/09/2018

[3n1]

awesome... thanks yota the News Bot ..... cheers

[Pitcher]

Ok, I’m digging on this article. Thanks Yota. You are bringing some great articles to the board today!

[Pitcher]

Butifldrm, just saw your article.  Awesome and thank you.  You’re bringing it too!!!! 

 

I just dont don’t have time to read all the articles during the day so it is very nice to see them all in one place. Many thanks. 

[ChuckFinley]

Great stuff - thanks 

[Floridian]

The Central Bank is finalizing a document related to auditing and IT governance at banks

August 9, 2018

Banks

Economy News _ Baghdad The Central Bank of Iraq (CBE) governor Ali Al-Aalak said the Central Bank is about to issue a detailed document on auditing and IT governance at banks. “The document is currently in the final review stage and is being discussed with banks and will be binding on the relevant parties,” Al-Aalak said at the inaugural ceremony of the ISACA branch for auditing and monitoring information systems in Iraq. He added that “the work of the ISACA is very important and we will interact with him and support him with all that is needed, because we recognize the importance of work in this aspect and the seriousness of the delay in its application.” He pointed out that the financial institutions have opened in their financial transactions remarkably, “Until recently, On the service of those inside the institution, but today many of these systems are open to the outside world, “stressing the need to meet this development with the development of risk management resulting from these systems. Al-Alaq stressed that “the Central Bank, as a result of its supervision and control, has evolved from the traditional control to the control that takes advantage of and employs modern technology in its operations,” pointing out that there is a shift in the central bank towards electronic auditing. The head of the Association of Iraqi Private Banks, Wadih al-Hanalal, said in his speech on his behalf, the economic adviser, Samir Nusairi, that “Iraq is making great strides in the way of development and openness to the outside world in all fields, to take the historical and global prestige and knowledge it deserves, This world-class institution, which is present in more than 200 countries around the world, is only a vivid example of the openness of the world to Iraq and the openness of Iraq to the world. ” He pointed out that “the importance of the existence of such an international institution in Iraq, being one of the major references in the world in the establishment of the foundations of auditing on information systems and security and preservation,” noting that “the world has become a small village, thanks to the tremendous development in the field of information systems, data processing and circulation, And the development of countries is measured by the development of electronic and information systems. ” He stressed that the role of the Iraqi Central Bank in the development of the banking sector in Iraq is a leading situation in Iraq as a whole, as the Iraqi Central Bank is actively pursuing the development and modernization of this sector, “pointing out that” the development of electronic technologies and information systems in banks is The best way to upgrade Iraqi banks to global. ” He stressed that “the Association of Iraqi private banks is following closely and as a strategic partner of the Central Bank of Iraq and work to improve the banking sector in all fields, so this event came in cooperation with the Association of Banks to the importance of the role played in this vital area.”

http://economy-news.net/content.php?id=13201