The Union of Arab Banks confirmed, on Monday, that Iraq is very developed in electronic banking services, while pointing out that the Iraqi banking sector is ancient and its role is vital in economic development.
The Secretary-General of the Union of Arab Banks, Wissam Fattouh, said: “There is a denial of dealing in dollars and not sanctions, as sanctions mean inclusion on the sanctions list,” pointing out that “the effect of deprivation is almost parallel to the sanctions because banks are difficult for them to operate without the dollar currency, which represents the international trade currency.”
Fattouh added, “The Iraqi banking sector is a long-of-lod sector with a history, with total assets of $157.9 billion, and even deposits followed by more than $100 billion. This sector is therefore important and its role is vital in the economic development of the heart of the country.”
He stressed “the need to apply international standards, especially with regard to standards and laws applicable to combating money laundering and the financing of terrorism.”
He pointed out that “the strategy is involved between the Union of Arab Banks and the Association of Iraqi Private Banks, to reach this already required goal, and to train and qualify Iraqi cadres in particular.”
He pointed out that “there has been a great partnership between Iraq and the United States of America for decades and trade exchange, especially after Prime Minister Mohammed Shiaa Al-Sudani made the important historic visit to the United States of America.”
He noted that “the biggest role today is how we protect the Iraqi banking sector, and that trade exchange is actually carried out through Iraqi banks and not through other banks.”
“Iraq is very developed in electronic banking services, and the challenge today for the Iraqi banking sector remains the compliance challenge,” he continued.
