***** Efforts to radical changes in the laws of the Iraqi banking sector

26-11-2013 09:00 AM



The Governor of the Central Bank of Iraq acting Abdel Basset Turki, all efforts to radically change in the laws of the banking sector, under the guidance of the International Monetary Fund, stressing that «the new laws that advance economic reality».

said during a seminar held by «Central» to discuss amendments to its law office in 2004 and the Banking Act and anti-money laundering law, that «the delegates of the IMF in Washington advised us to play a developmental role and not limiting the role of central banks on monetary policy to regulate their own countries».

He pointed out that «the central bank to take this guidance, which is preparing a plan of economic development that will promote the economic reality of Iraq».

pointed out that «most of the laws on the banking sector approved either after the change in 2003 or during periods varied environment exactly what we need today, so it has to be modified the Banking Act, which limits the movement and activity of private banks, local and even Arab and foreign companies operating in Iraq ».

confirmed Turkish during the seminar, which will continue its work for five days and involving a number of academics, experts and managers of banks, that «the central moving towards amending the anti-money laundering , as is the case with other countries that are looking through the experts, the possibility of the development of law ».

pointed out that «the international conference Sikad in Bahrain on 25 ongoing to identify the main obstacles faced by the law and the possibility of asking a new version compatible controls and mechanisms for all countries».

confirmed Executive Director the company «Beblan» British Circo Abed, specializing run banks, according to what is known as «the banking system mass email», that «the Iraqi central focus two years ago, the problem of the scarcity of capital, which makes it difficult to enter into contracts with investment firms or executive foreign, they claim letter of guarantee banker large amounts very exceeding capital of Iraqi banks ».

said «After raising banks' capital Another problem was the failure of the mechanisms of action of these banks, Vaovernmah them are still operating systems completely forgotten in the rest of the states, the private have been applied simple systems, which led to a reluctance banks, Arab and foreign investment for work in Iraq as they need systems keep up with the regulations ».

and the law against money laundering, said a former director of one of the largest Iraqi banks, who preferred not to be named, said that «the Iraqi arena has become a safe haven for funds dirty run by the mafia international, and why is a weak control on the movement of funds and the dominance of window views on the management of the banks, and more importantly, is the preoccupation with security agencies to fight terrorism ».

The «past years witnessed embezzlement of huge, mostly in state banks, which are Rafidain and Rasheed Bank of Iraq to trade, and so far has not closed the investigation».

was deputy governor of the «Central» the former appearance of Mohammed Saleh stressed that «the weakness of the local banking sector due to weak capital and the inability competition in the market, along with the limited products that are limited only to buy foreign currency from the central bank auction and sell it in the market to dealers and customers, and the transfer of funds abroad ».

noteworthy that seven state banks operating in Iraq, three of which are sectoral, in addition to the 31 banks waged and 10 Arab and foreign banks operate according to the principle of participation, either with Iraqi bank or a separate branch, and back to the banks, Turkish, Iranian, Lebanese, Bahraini and Kuwaiti and UAE.



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