Construction and reconstruction  Economy News – Baghdad  MP Sharif Suleiman praised, on Tuesday, the visit of Prime Minister Mohammed Shia al-Sudani to New York to participate in the 79th session of the United Nations, stressing that Iraq is qualified to control “important” files and is on the verge of “major” economic changes and an urban revolution in line with global developments.

Suleiman said, “Iraq’s participation in the work of the United Nations General Assembly is a positive step, especially in light of the difficult conditions the region is going through.”

He added, “Iraq has geographical and strategic qualifications that enable it to control important economic, political and security files,” noting that “Iraq is on the verge of major economic changes and is leading an urban revolution in line with global developments.”

Suleiman said, “This participation is an opportunity for Iraq to enhance its international presence and highlight its role in resolving regional conflicts and contributing to the stability of the region. Iraq also seeks, through these meetings, to strengthen its relations with major countries and attract more investments to support its development plans.”

Rafidain Launches Its Report On The Stages Of Combating Money Laundering And Terrorist Financing

Tuesday, Rafidain Bank launched its report on the stages of combating money laundering and terrorist financing.

A statement by the bank received by (Mawazine News) stated that “it issued its report on the stages of combating money laundering and terrorist financing and the procedures that contributed to achieving this achievement and due diligence towards customers and using the best models for opening accounts and updating other customer information,

 in addition to obtaining monitoring and follow-up programs that prevent any illegal transactions through suspicious activities and confronting them and informing the concerned authorities about them.”

He stressed that “the report reflects the extent of commitment to implementing international standards for combating money laundering and terrorist financing and the efforts made by the bank to combat crimes in accordance with international standards in this regard.”

The bank explained “the steps to implement the AML system (Anti-Money Laundering and Terrorist Financing System) related to Rafidain Bank since its establishment and the stages that have been implemented are as follows:

1- Contracting with Capital B. Solutions Ltd. on 17-12-2023 to acquire a specialized system to combat money laundering for individuals and entities who have financial activities with the bank and according to the requirements of the Central Bank of Iraq and the Anti-Money Laundering Unit, where four programs will be implemented for the following tasks: –

Risk profiling of the bank’s customers – Implementing the scenarios approved by the Central Bank of Iraq and the requirements of the Anti-Money Laundering Unit

– Monitoring unusual customer movements (Auditing and Monitoring)

 – Implementing the (Go Aml) program to extract reports to detect and report suspicious transactions and upload them to the (Go Aml) platform or portal in accordance with the requirements of anti-money laundering laws and regulations and according to local and international standards

 – Screening the names of customers (screening) on ​​local and international sanctions lists that include a wide range of individuals, organizations and entities involved in sanctions and restrictions imposed by international organizations and governments.

– Implementing the FATCA program for US tax compliance to combat tax evasion by the bank’s customers who have US citizenship

 2- System stages The stage of preparing the system requirements, as the bank has reached advanced stages of achievement, which are as follows:

– Preparing the infrastructure to operate the system (test environment) – Production environment (production) and securing communications

– Preparing customer risk classification requirements for individuals and entities on the system according to the risk matrix that depends on the criteria (source Money – Nature of residence – Type of service – Customer activity area – Individual or company activity – Nature of individual – Type of company) and risk category (low – medium – high – very high)

– Adjusting system settings and verifying the operation of screens – The (AML) system was linked to the banking system database (Core Bank) by extracting data from the banking system database in a secure manner and passing it to the (AML) system on a daily basis.

– Training those concerned from the Money Laundering and Anti-Terrorism Reporting Department and the Information Technology Department on the system according to the specialization and functional and technical system requirements, roles and powers.

3- The examination and acceptance stage (UAT) of the system, which is the current stage of the project – The specialized and trained team on the system examines the system screens according to the requirements of the bank, the Central Bank of Iraq and the Anti-Money Laundering Unit

 – Submitting weekly comments and reports and submitting them to the implementing company to make amendments and correct them.

4- The stage of acquiring international sanctions lists. The bank is in the process of contracting with the international company Refinitiv to acquire and subscribe to the international lists for the purpose of linking them to the system.

Prime Minister: The Government Has Made Great Strides In The Financial And Banking Reform File

  Prime Minister Mohammed Shia al-Sudani confirmed today, Tuesday, that the government has made great strides in the financial and banking reform file.

The Prime Minister’s Media Office stated in a statement received by “Al-Eqtisad News” that “Prime Minister Mohammed Shia Al-Sudani received the US Deputy Secretary of the Treasury, Wally Adeyemo, and a number of officials in the Ministry of Treasury.”

He added that “the meeting discussed bilateral economic relations between the two countries in various vital sectors, reviewed the government’s efforts and plans for economic and financial reform, the move towards diversifying sources of Iraqi output, enhancing development targets, and practical measures implemented in the field of combating money laundering.”

The Prime Minister stressed that “the government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform,”

 noting that “less than 5% remains to be completed by the end of this year, after which the transition to the correspondent banking system will take place, in accordance with the government’s approach and commitment to raising the capabilities of Iraqi banks, in line with international standards and meeting the needs of the thriving investment environment in Iraq.”

For his part, Adeyemo praised “the progress that Iraq is witnessing in the field of economic and banking reforms that were achieved in record time, and the state of economic growth that reached a total of about 6%, which enhances the government’s efforts in development, expressing readiness to cooperate and work within a bilateral partnership that serves the interests of economic development.”

Al-Sudani Reviews With US Financial Official The Government’s Efforts And Plans For Economic And Financial Reform

 Prime Minister Mohammed Shia Al-Sudani reviewed with US Deputy Secretary of the Treasury, Wally Adeyemo, the government’s efforts and plans for economic and financial reform.

A statement from his media office stated that Al-Sudani received, yesterday evening, Monday (Baghdad time), US Deputy Secretary of the Treasury, Wally Adeyemo, and a number of officials in the Ministry of Treasury.

During the meeting, economic relations between the two countries in various vital sectors were discussed, and the government’s efforts and plans for economic and financial reform were reviewed, as well as the trend towards diversifying sources of Iraqi output, enhancing development targets, and practical measures applied in the field of combating money laundering.

The Prime Minister confirmed, according to the statement, that the government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform, and less than 5% will be completed by the end of this year,

 after which the transition to the correspondent banking system will take place, in accordance with the government’s approach and commitment to raising the capabilities of Iraqi banks, in line with international standards and meeting the needs of the thriving investment environment in Iraq.

For his part, Adeyemo praised the progress witnessed by Iraq in the field of economic and banking reforms that were achieved in record time, and the state of economic growth that reached a total of about 6%, which enhances the government’s efforts in development, expressing readiness to cooperate and work within a bilateral partnership that serves the interests of economic development.