******* Central Bank: Iraqi banking sector has made great progress

The head of the Association of Private Banks, Wadih al-Hanalal, said that the private banks are working hard to apply the anti-money laundering law to protect the country from the risks, said the governor of the Central Bank, Ali al-Alaq, on Saturday that the Iraqi banking sector has made significant progress in its activity during the current period.



"There is a great deal of movement going on today in the banking sector to develop its employees on important banking issues such as anti-money laundering and risk management," Al-Alak said at a workshop on combating money laundering held at the Babel Hotel in central Baghdad. Is now developing very dramatically and its goal is to expand the circle of knowledge and culture of the banking employee. "

He explained that "the banking sector in Iraq is significantly in its activity and became focused on it locally and internationally," noting that "the central bank is working to build a sound information base through the use of information technology means."

On the other hand, the President of the Association of Private Banks, Wadih al-Hanalal, said in his speech to the conference that "the Association of private banks is working hard to apply the law to combat money laundering to protect the country from the risks it lives," adding that "the Association of private banks has trained about 600 Banking officer in the first quarter of this year on various banking issues. "

He pointed out that "the Association of Private Banks is currently developing the relationship with foreign banks in addition to the use of the best technology and the application of international standards."



"The need to issue financial statements by financial institutions with the application of international standards and under the supervision of the Central Bank," he stressed.

"Money laundering is trying to hide the real source of illicit money, such as trafficking in drugs and human beings, and giving false justification to this source by any means," said the adviser to the Union of Arab Banks, Accused of responsibility ".

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