Union Of Arab Banks: We Support Iraqi Banking Institutions Within International Laws

Baghdad / NINA /- The Union of Arab Banks affirmed that supporting Iraqi banking institutions is a top priority through developing strategies or facilitating dialogue with international partners, within the framework of applicable international laws and regulations.

The Secretary-General of the Union of Arab Banks, Wissam Fattouh, said during the Anti-Money Laundering and Combating the Financing of Terrorism Conference, which kicked off today, Wednesday, in the capital, Baghdad, "In recent years, combating money laundering and the financing of terrorism, along with the fight against corruption, has become a core element of the global agenda and has become one of the key indicators of the credibility of financial institutions and their countries before the international community and international banks."

He added, "The Arab region faces complex challenges, some of which result from political and security tensions, and others related to the regulatory and technical levels in a number of banking sectors.” Added “Matters are further complicated by the strict and inflexible application of digital standards by international entities toward banks, regardless of the specificities or circumstances of some countries."

Fattouh emphasized that "the battle for compliance is not just a technical issue, but a sovereign, institutional, and economic one at the same time, because failure to comply threatens our relationship with international banks and limits our ability to conduct transfers, imports, and exports. It also directly impacts investment flows, aid, and trade cooperation." He highlighted the urgent need for joint Arab action, particularly strengthening ties of cooperation between Iraqi banks operating in a complex political and economic environment and the Union of Arab Banks. He also emphasized the importance of strategic partnerships to develop Iraqi banking and raise Iraq's voice in international forums, when we are ready to do so.

Fattouh emphasized the importance of working to integrate financial technology into internal control systems, including the use of artificial intelligence in compliance and risk assessment. He noted the need to instill a culture of compliance at all levels, from board members to front-line employees.

He added, "The challenges we face today are a call for cooperation, a restructuring of priorities, and continued work on banking reform." / End