Latest news with #AliAl-Alaq
Iraqi News
6 days ago
- Business
- Iraqi News
Al-Alaq details achievements in protecting the financial system
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today, Wednesday, that the results of the mutual evaluation in Iraq revealed strengths in the areas of transparency and financial data. He also indicated that work is underway to build and relicense private and government banks. In his speech at the second session of the Anti-Money Laundering and Combating the Financing of Terrorism Conference, attended by an Iraqi News Agency (INA) correspondent, Al-Alaq said: "The Anti-Money Laundering and Combating the Financing of Terrorism Council continues reform and combating money laundering through the Anti-Money Laundering and Combating the Financing of Terrorism Council, the Central Bank of Iraq, the Anti-Money Laundering and Combating the Financing of Terrorism Offices, law enforcement agencies and institutions, and the ministries and parties that participate with us within and outside the Council, in order to consolidate the foundations of integrity and enhance financial stability." He added, "We recognize that money laundering and terrorist financing crimes are not just ordinary financial crimes, but rather a gateway to destabilization and strengthening confidence in financial, social, and political systems. Therefore, local and international cooperation and joint action are no longer an option, but rather an urgent necessity to combat these crimes." He noted that "we in the Republic of Iraq are actively cooperating with our international partners, particularly with the Financial Action Task Force and the Middle East and North Africa Financial Action Task Force, to implement international standards in the field of combating money laundering and terrorist financing." Al-Alaq explained that "Iraq underwent a mutual evaluation process, which determines the extent of its commitment to implementing international standards and reflects the sobriety of the measures taken and efforts made to combat these crimes. The results of the mutual evaluation in Iraq revealed a distinct set of strengths in the areas of transparency, financial data, and access to them by relevant authorities, as well as the quality of reporting, which the quality of the reports that resulted in large confiscations and the amount of money recovered." He pointed to "the multiple channels of international cooperation that enabled Iraq to exchange high-value information quickly and efficiently with counterpart units through a secure communications network that ensures the confidentiality and speed of information." He explained that "the report pointed to a number of weaknesses that need to be improved and addressed, which we have urgently and immediately addressed by taking appropriate steps to overcome them, mitigating their risks and ensuring they are not exploited for money laundering. This comes as part of the Republic of Iraq's commitment, at the highest levels, to continuous cooperation with the Financial Action Task Force on this issue, as is the case with the other member states." Al-Alaq emphasized that "the Republic of Iraq has achieved many important achievements in protecting the financial and banking system, which is a fundamental pillar of the anti-money laundering and counter-terrorism financing system, and protecting it from misuse in suspicious or illegal operations, especially after the completion of the national risk assessment process. Among the most prominent of these measures were: First: Enhancing the balances of Iraqi banks abroad so that they can directly implement their customers' requests through correspondent banks, followed by implementing these transfers through specialized international institutions. This prevented these transfers from being used for purposes other than those intended. Second: Introducing a cash sales system for foreign currency through banking and non-banking financial institutions, ensuring that these currencies reach their true beneficiaries and for the purposes for which they are intended, without anyone engaging in suspicious transactions. This international system is the distribution system for the dollar in Iraq and is considered the system among countries of the world. Third: Establish a central registry at the national level that includes beneficial ownership data, allowing relevant authorities to access and regularly update this registry to enhance transparency and prevent financial misuse. Fourth: Automate work in an integrated manner between the Anti-Money Laundering and Terrorism Financing Office, reporting and investigation agencies, oversight, and customs. This represents a qualitative leap in implementing the procedures required to limit suspicious transactions and enhance the efficiency of risk response. We are in the final stages of integrated linkages between the Central Bank, Customs, and Taxes, which will form an important framework for tightening control over all foreign financial transactions. Fifth: Establishing an electronic platform to implement targeted financial sanctions pursuant to Security Council resolutions and international standards immediately, allowing designated financial and non-financial professional institutions to access the names listed on global and local lists, facilitating compliance and achieving greater effectiveness in implementing sanctions. Sixth: Issuance of the Parallel Financial Investigations Manual in Iraq, which represents an advanced stage in organizing and directing financial investigations in parallel with criminal investigations to dry up and confiscate the sources of financial crime. Seventh: Due to the modernization of the real estate sector, one of the high-profile sectors, as part of several measures to mitigate these risks, it was necessary to: The most important of these is the issuance of a mechanism for buying and selling real estate through the banking system. Eighth: The Kurdistan Region's effective participation in efforts to combat money laundering and terrorist financing through its representation on the Anti-Money Laundering and Counter-Terrorism Financing Council at the federal level. This representation is part of the comprehensive national commitment to the Council's decisions, with the designation of specialized courts in the region to consider judicial proceedings and expedite these cases in line with national and international standards related to combating financial crimes in the region and unifying these procedures with the central authority. Ninth: We have taken a series of measures to enhance financial inclusion, not only with the aim of distributing banking products to customers, but also enabling relevant authorities to track the movement of funds, knowing their sources, and identify their true beneficiaries, thus enhancing integrity and transparency in the financial system. In this context, digital transformation has emerged as a key tool for achieving these goals. He continued: "Work is underway to rebuild and relicense private and government banks based on advanced anti-money laundering practices and to enhance their role in the economy through diversifying services and products and digital transformation. This plan is a distinguished model at the international level in subjecting all banks to advanced international standards and principles." Al-Alaq explained that 'these achievements would not have been possible without the political will and confidence that the government in general and Prime Minister Mohammed Shia al-Sudani in particular have given to the Anti-Money Laundering and Combating the Financing of Terrorism Organization, and in light of this, the efforts of all government institutions to keep Iraq away from suspicious activities.' He stressed that 'the efforts of the national system to combat money laundering and terrorist financing will not stop in combating these crimes, mitigating their effects, and developing its working mechanisms in a way that ensures that financial institutions, both banking and non-banking, do not become safe havens for the laundering of money generated by criminal activities. Here, we look forward to expanding the scope of partnership between local and international institutions for the benefit of the country.'
Shafaq News
21-05-2025
- Business
- Shafaq News
CBI unleashes green finance: Billions for eco-projects
Shafaq News/ The Central Bank of Iraq (CBI) began issuing specialized banking licenses to support climate action and environmental sustainability, Governor Ali Al-Alaq announced on Wednesday. During the first Conference on Carbon Economics in Iraq, Al- Alaq said that Iraq's monetary policy promotes green finance by offering incentives for environmental projects and urging banks to manage climate risks. He added that the CBI is coordinating with international networks to align regulations and assess environmental impacts within the financial sector. As part of these efforts, Al-Alaq highlighted a 1 trillion Iraqi dinar (about $766.9M) initiative launched by the CBI in coordination with the Cabinet's Higher Lending Committee to help transition from traditional energy sources to renewable ones and reduce carbon emissions. The initiative is already financing projects such as waste recycling, palm cultivation, the Abu Ghar fields in the Samawah desert, and the Green House Project. The Central Bank of Iraq has partnered with the World Bank to develop a green finance model as part of its 2023–2029 sustainability roadmap, aiming to manage ESG risks and make Iraq's banking sector a leader in environmentally responsible practices. Al-Alaq also announced that the CBI has allocated 500 million dinars (about $383.4K) per facility to help rehabilitate brick factories transitioning from heavy-polluting black oil to cleaner liquefied gas. In addition, the Central Bank has contributed 1 billion dinars (about $766.9K) to Iraq's Environmental Protection and Improvement Fund to help combat air pollution, expand green spaces, and lower harmful emissions. It has also financed waste recycling projects under the CBI's Energy Initiative, which is currently being implemented to reduce soil pollution, particularly in landfill areas that pose long-term environmental risks to housing and agricultural development. The bank is also supporting small-scale agricultural projects through its Prospects program, in partnership with the International Labour Organization, the Iraqi Guarantee Company, and private banks. Around 3 billion dinars have been allocated to displaced communities in Nineveh and Duhok for this purpose. He also announced that the Central Bank had contributed nearly 350 billion dinars to Iraq's urban afforestation initiative. The initiative aims to create green belts around provincial capitals to serve as natural barriers against dust storms and pollutants while helping mitigate desertification.
Iraqi News
13-05-2025
- Business
- Iraqi News
Iraq's IDB introduces Arab Tourist Card
Baghdad ( – The International Development Bank (IDB) in Iraq announced on Saturday the launch of the 'Arab Tourist Card' in collaboration with the Visit Iraq platform, which would streamline financial transactions for Arab tourists visiting Iraq. The IDB said in a statement that it launched the card in collaboration with the official Visit Iraq portal to make financial transactions easier for Arab tourists in the country, the state-run news agency (INA) reported. The IDB and the national Visit Iraq platform collaborated to create the initiative to promote tourism and improve digital banking services. The initiative represents a step toward improving Iraq's tourist infrastructure by offering digital payment options tailored exclusively for Arab visitors. The step follows the Central Bank of Iraq's (CBI) announcement in December to launch several strategic initiatives aimed at enabling Iraqi financial institutions and banks to embrace modern digital solutions. During his participation in the fourth annual international scientific conference, entitled 'Digital Financial Services—Challenges of Reality and Foresight of the Future,' CBI's governor, Ali Al-Alaq, explained that the bank's strategy focuses on strengthening the banking industry's digital infrastructure and guaranteeing the delivery of cutting-edge and safe services that satisfy clients' growing demands. Additionally, Al-Alaq elaborated that the CBI launched initiatives to improve cybersecurity in the Iraqi banking sector. In March, Al-Alaq disclosed that the government is developing a plan for a full-scale digital transformation. During a meeting in November with the Secretary-General of the Digital Cooperation Organization (DCO), Deemah AlYahya, the Iraqi Prime Minister, Mohammed Shia Al-Sudani, emphasized that the government has included digital transformation in its economic and administrative reforms, as well as electronic payments. Al-Sudani discussed the government's ability to make a significant shift in this area as well as its readiness to work with the DCO to create projects that help Iraq and the region in the framework of digital transformation and artificial intelligence.
Iraq Business
10-05-2025
- Business
- Iraq Business
Iraqi President and CBI Governor discuss Economic Reforms
By John Lee. President Abdul Latif Jamal Rashid and Governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, met at Baghdad Palace to discuss economic reforms aimed at strengthening Iraq's financial sector and fostering sustainable growth. They emphasized the importance of modernizing the banking system, stabilizing the market, and creating a robust financial framework to attract investment and support development. Full statement from the Office of the Iraqi President: President Abdul Latif Jamal Rashid met with Central Bank Governor Ali Al-Alaq at Baghdad Palace for a discussion on comprehensive economic reforms designed to strengthen Iraq's financial sector and promote sustainable economic growth. The meeting focused on the Central Bank's ongoing efforts to modernize the banking system, address current economic challenges and stabilize the local market. They agreed on the need for a robust financial framework to drive sustainable development and long-term growth. "As we move forward, a strong financial policy framework will be key to unlocking Iraq's economic potential," President Rashid stated. "By fostering a supportive environment for the private sector and leveraging our stability, we can attract investment, generate employment and build a more prosperous future for all Iraqis." Governor Al-Alaq expressed his appreciation for the President's leadership and reaffirmed the Central Bank's commitment to enhancing financial stability, reforming fiscal policy and supporting national development goals. The meeting highlighted the importance of continued cooperation between the government and the Central Bank in driving Iraq's economic transformation and ensuring prosperity for its people. (Source: Office of the Iraqi President)
Shafaq News
26-04-2025
- Business
- Shafaq News
Iraq taps World Bank, IMF for support on key development projects
Shafaq News/ Iraq's Finance Minister Taif Sami and Central Bank Governor Ali Al-Alaq held talks with senior officials from the World Bank and International Monetary Fund during the Spring Meetings in Washington from April 20 to 23. The meetings, which gathered senior financial officials from across the globe, focused on global economic challenges, financial stability, and development priorities. Discussions related to Iraq centered on boosting revenues, streamlining expenditures, advancing digitalization, and accelerating infrastructure, energy, and environmental projects. According to a statement from the Finance Ministry, the Iraqi delegation reviewed barriers to investment, ongoing energy and transport initiatives, international trade financing, and the progress of World Bank-funded projects, including a flagship railway development. Talks also prioritized renewable energy, waste management, metro systems, and airport expansion. 'Discussions extended to critical sectors such as education, healthcare, and social protection, alongside reforms to Iraq's customs, tax, pension, and social security systems.' Sami led the Iraqi delegation, accompanied by Al-Alaq and senior officials from the Ministries of Finance and Planning, along with Central Bank representatives. They held a series of meetings with World Bank and IMF leaders to align on the government's reform agenda. 'The IMF and World Bank expressed readiness to provide technical support for modernizing Iraq's tax and customs systems,' the ministry said. شاركت وزير المالية طيف سامي في اجتماعات الربيع السنوية لمجموعة البنك الدولي وصندوق النقد في واشنطن (20–23 نيسان 2025)، حيث بحثت فرص الاستثمار ودعم مشاريع النقل والطاقة في العراق.للمزيد: — Minstry Of Finance Iraq|وزارة المالية العراقية (@MofIraq) April 26, 2025 International officials reaffirmed their commitment to backing Iraq's economic reforms, including initiatives aimed at human development, private sector growth, agriculture, industry, and the unified treasury account.
