Iraq continues to improve its financial system by tackling serious threats. One of the key issues is money laundering. Iraq fights money laundering through strong action and modern tools. The Central Bank of Iraq (CBI) leads this push to secure the nation’s financial health.
The CBI Governor, Mr. Ali Mohsen Al-Allaq, Iraq fights money laundering recently attended a major conference in Baghdad. This event focused on stopping money laundering and terrorism financing. It brought together financial leaders from Arab countries. They discussed how banks can meet global laws and follow strict rules.
Governor Al-Allaq made it clear that these crimes hurt more than just finances. They threaten the entire country’s financial stability. He stressed that Iraq works closely with international partners. These efforts aim to apply strong global standards against money laundering and terrorist funding.
Moreover, Iraq has made real progress in building its banking system. The Central Bank now uses advanced tools. It plans to include artificial intelligence and network analysis in its financial operations. These technologies will help track illegal money flow and spot fraud faster.
During the conference, Iraq fights money laundering experts also discussed the needs of correspondent banks. These are foreign banks that help local banks handle international deals. Meeting their rules is very important for Iraq. It helps Iraq’s banks stay connected to the world’s financial system.
The event was organized by the Central Bank of Iraq, the Union of Arab Banks, and the Iraqi Private Banks League. These organizations are working together to train staff, share knowledge, and raise awareness about global financial crime standards.
In conclusion, Iraq fights money laundering by adopting new tools, following global rules, and joining hands with regional and international partners. These steps protect the economy, improve trust in banks, and support Iraq’s growth in the global market.