Latest news with #AtwanAl-Atwani
Iraqi News
5 days ago
- Business
- Iraqi News
PFC: Bringing Iraqi banks into the international system is essential for their development
Baghdad - INA Parliamentary Finance Committee Chairman Atwan Al-Atwani stressed on Wednesday that compliance with international standards and banks' integration into the international system is a national necessity to protect the financial system and a prerequisite for developing the banking environment. During 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-Atwani said: "At the beginning of my speech, I would like to express my welcome to the convening of this distinguished conference, which comes at a very important time, given the fundamental transformations and increasing challenges the financial and banking sector is witnessing at the local, regional, and international levels. These transformations require the highest levels of coordination and cooperation from all of us, legislative, executive, and oversight institutions." He added, "International regulatory obligations imposed on financial institutions, particularly those related to combating money laundering and terrorist financing, have become among the most prominent requirements affecting the nature of the relationship between local banks and their global counterparts. Meeting these requirements is a prerequisite for developing a safe and stable banking environment capable of interacting positively with the global financial system." He continued, "Iraq's engagement, represented by its national banks, in this international regulatory environment is not an option, but rather a national necessity to protect the financial system from cross-border risks and to ensure the continued flow of investment and capital, which directly contributes to supporting economic and social development efforts and enhancing confidence in the national economy." Al-Atwani noted in his speech, "Iraq has made significant strides in this direction over the past few years. The Iraqi banking system has witnessed significant developments, represented by the modernization of the legal and regulatory structure, the issuance of instructions related to compliance and tightening oversight, and the development of qualified banking cadres capable of dealing with these changes." He added, "We have witnessed the Central Bank of Iraq's commitment to adopting a reform and development approach by imposing precise and updated instructions in line with international best practices, along with its relentless pursuit of enhancing transparency and strengthening the anti-money laundering and counter-terrorism financing system." He continued, "Despite these commendable efforts, challenges remain, especially in light of growing regulatory complexities and the increasing requirements of correspondent banks, along with their precise and changing conditions. Here, the need for concerted efforts by all stakeholders, including banks, regulatory, legislative, and security authorities, is growing to address these challenges responsibly and professionally." He noted, "Hence, the importance of this conference, which constitutes an important platform for exchanging expertise, reviewing the latest developments in international legislation, and highlighting the experiences of other countries in this field, particularly with regard to modern compliance techniques, best practices for internal control, and risk management." He added, "We also affirm, from our position in the Parliamentary Finance Committee, our full support for all efforts aimed at developing the Iraqi banking sector, and our commitment to following up on the legislation required to enhance Iraq's compliance with international standards, while emphasizing the need to strike a balance between strict compliance, achieving economic growth goals, supporting the private sector, and facilitating investment."
Iraqi News
28-04-2025
- Business
- Iraqi News
Al-Atwani: Oil price fluctuations compel us to seek alternative sources of revenue
Baghdad-INA The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed on Monday that oil price fluctuations and their impact on the budget pushing us to seek alternative and sustainable sources of revenue. A statement from the committee, received by the Iraqi News Agency (INA), stated that "the Parliamentary Finance Committee, headed by Atwan Al-Atwani, held an expanded two-day workshop to discuss ways to maximize revenues, in cooperation with the International Partners Foundation, with the participation of experts, consultants, university professors, and relevant official bodies." According to the statement "the workshop focused on discussing the proposed amendments to the Federal Revenue Authority Law, where numerous opinions and proposals were presented, centering on the need to activate the Authority's work and strengthen and activate its powers, particularly with regard to the process of assessing state revenues and ways to collect them, with the aim of preserving public funds and promoting sustainable development." Al-Atwani noted that "the workshop is at the core of our efforts to enhance the country's financial sustainability and represents a real opportunity to come up with practical, applicable recommendations that contribute to achieving our shared goals." He added that "our fruitful cooperation with the International Partners Foundation represents a valuable addition to our efforts, and we appreciate their support and expertise in this vital field." He noted that "exchanging expertise and knowledge with leading international institutions will undoubtedly contribute to enriching discussions and providing innovative solutions." According to the statement, Al-Atwani emphasized that "the fluctuations in oil prices and their impact on the budget compel us to seek alternative and sustainable sources of revenue." He noted that "the path towards a sustainable economy may be fraught with challenges, but it is also rich with opportunities," emphasizing that "the Parliamentary Finance Committee looks forward to this workshop being a real starting point towards building a more stable and prosperous economic future." He continued, "Our economy's decades-long dependence on oil revenues has made the country's financial situation fragile and weakened our ability to achieve the Sustainable Development Goals, which requires serious work to overcome this dependence." "Unilateral," he stressed, "economic diversification is no longer a complementary option, but rather an urgent and strategic imperative for building a multifaceted economy based on diverse production and service sectors capable of generating wealth and creating added value." He also noted that it is "the best way to protect our economy against external shocks, expand the base of economic growth, and provide sustainable opportunities for our future generations." He pointed out that "the ongoing fluctuations in oil prices and their impact on the state's general budget compel us to seek alternative and sustainable sources of revenue that contribute to financing development projects and improving services."
Iraqi News
07-04-2025
- Business
- Iraqi News
Parliamentary Finance Committee: Developing the Banking Sector is a Key Pillar for Achieving Comprehensive Economic Reform
Baghdad-INA The Finance Committee of the House of Representatives confirmed, on Monday, the Central Bank's support for promoting sustainable financing, noting that developing the banking sector is a key pillar for achieving comprehensive economic reform. Committee Chairman Atwan Al-Atwani said in a speech during the Iraqi Banking Sector Reform Conference, which was followed by the Iraqi News Agency (INA): "The banking sector reform project represents the starting point for developing the financial and monetary system based on solid scientific foundations, and the starting point for comprehensive economic reform and achieving sustainable development." He added, "The Finance Committee of the Iraqi House of Representatives is keen to support the Central Bank of Iraq's management as part of its efforts to promote sustainable financing, encourage government and private banks to finance economic activities and development projects, and diversify revenue sources, thus contributing to covering the financial deficit in public budgets. This is especially true since the banking sector is not just a financial system, but rather the backbone for stimulating the economy and combating corruption." He explained that "developing the banking sector is a fundamental pillar for achieving comprehensive economic reform and a major turning point toward a diversified economy, away from oil rents." Al-Atwani continued, "In light of the trend toward maximizing non-oil revenues, introducing modern banking systems into tax and customs operations provides a clear path for tracking financial transactions and collecting revenue more efficiently. It also contributes to reducing tax evasion and closing informal outlets that drain the state's resources and weaken its ability to invest and provide services." "Restoring confidence in our banking system and expanding digital financial transactions requires developing the infrastructure for this sector and providing cybersecurity for these transactions." Al-Atwani said.' He emphasized, "The process of reforming and developing the banking sector must be accompanied by a movement to establish genuine partnerships with international transfers institutions and banks to regulate foreign remittances, ensuring compliance with international standards and the controls of relevant financial institutions. This must also include establishing a clear understanding with the World Bank and the US Treasury, emphasizing that the Central Bank of Iraq is responsible for evaluating the performance and compliance of private government banks and punishing violators. This will help avoid any improvised decisions or sudden external sanctions that would put our banks at risk and disrupt their operations." Al-Atwani added, "We need a reform revolution in all sectors, especially the banking sector. This requires genuine will, collective action, and effective partnerships. Most importantly, we need a clear vision that goes beyond temporary solutions to create modern financial institutions capable of confronting economic challenges and crises, providing all necessary facilities to serve citizens and keep pace with modern requirements." He pointed out that "reforming the banking sector is a shared responsibility and must be a priority for both the legislative and executive authorities, given its direct impact on driving all productive sectors, achieving national security and financial stability, and consequently improving people's livelihoods, promoting social justice, and to secure the future of coming generations."
Shafaq News
09-03-2025
- Business
- Shafaq News
Iraq warns US of power grid collapse if Iranian gas imports halt
Shafaq News/ Cutting off Iranian gas imports could trigger a collapse of Iraq's power grid this summer, Iraqi parliamentary finance committee chairman Atwan Al-Atwani warned in a statement. In a meeting with US Ambassador to Iraq Daniel Rubinstein, discussions focused on US sanctions and their impact on Iraq's electricity sector, particularly as the waiver allowing Iranian gas imports nears expiration. Al-Atwani stressed the need for continued dialogue to maintain stable bilateral relations, and urged the US to extend sanctions waivers after their suspension by President Donald Trump's administration. 'Without Iranian gas, Iraq's power infrastructure would face severe strain, especially in the summer, as no immediate alternatives are available,' Al-Atwani said, acknowledging the government's efforts toward energy independence, but noted that gas investment projects will take years to become operational. According to the statement, natural gas imports remain exempt from US sanctions for now. The lawmaker also urged the US Treasury Department to reconsider sanctions on Iraqi banks, arguing that they have disrupted economic stability despite Iraq's progress in compliance and financial transparency. In turn, the US ambassador expressed understanding of these concerns and pledged to relay Iraq's position to Washington.
