During a meeting in New York on Tuesday, Iraqi Prime Minister Muhammad Shiaa Al-Sudani informed the US Treasury Undersecretary about his government’s efforts to reduce money laundering operations. The Undersecretary also indicated that global financial institutions have regained confidence in Iraq’s financial system.
During his participation in the meetings of the United Nations General Assembly at its seventy-eighth session in New York, Al-Sudani met with Brian Nelson, the US Treasury Under Secretary, after midnight (Baghdad time). Al-Sudani’s office issued a statement confirming the meeting.
During the meeting, cooperation mechanisms between Iraq and the US Department of the Treasury were discussed, and the government’s priorities in implementing economic and administrative reforms were reviewed, which falls within the government program.
Al-Sudani emphasized that the government, in collaboration with the Central Bank of Iraq, has taken several steps to implement financial reform. This reform is a crucial aspect of the government’s goal to transition from a unilateral economy to a productive and multi-economic economy. A financial database has been created to record banking transactions, which will enhance confidence in dealing with banks and international financial institutions. This marks the first time such a database has been established.
Al-Sudani highlighted the government’s efforts to curb money laundering, implementing international standards and enabling a fair trade environment that supports the economy’s growth and development. These efforts have been focused on both procedural and judicial levels, ensuring a comprehensive approach towards addressing money laundering operations.
Al-Sudani announced that the government is supporting the private sector by implementing decisions and procedures, as well as providing it with necessary facilities funded by the federal budget for the next three years.
Nelson appreciated the government’s reforms in the banking and financial sectors, and their success in restoring confidence among global financial institutions such as Citibank and JP Morgan. He emphasized the readiness of the US Treasury to work closely with the Central Bank of Iraq, and to cooperate with Iraq on matters of financial liquidity and the transfer of Iraqi commercial banks outside the country. He also reiterated his country’s support for the stability of the Iraqi economy.
