Union Of Arab Banks: We Support Iraqi Banking Institutions Within International Laws
Wednesday, May 28, 2025, | Economic Number of reads: 251 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.
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, “Combating money laundering and terrorist financing has become, in recent years, a top priority, along with combating corruption, at the heart of the global agenda and has become one of the main 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 some of which are related to the regulatory and technical level in a number of banking sectors. Matters are further complicated by the strict and inflexible application of digital standards by international bodies towards banks, regardless of the specificities or circumstances of some countries.”
Fattouh stressed that “the battle for compliance is not just a technical issue, but rather a sovereign, institutional, and economic issue all at once, because failure to comply threatens our relationship with international banks, limits our ability to carry out transfers, imports, and exports, and directly impacts investment flows, aid, and trade cooperation.”
He pointed to the urgent need for joint Arab action, particularly strengthening ties of joint cooperation between Iraqi banks operating in a complex political and economic environment, and the Union of Arab Banks.
He 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, noting 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, reprioritization, and continuous work on banking reform.” https://ninanews.com/Website/News/Details?key=1229559
Chairman Of The Finance Committee: The Integration Of Iraqi Banks Into The International System Is A National Necessity.
Banks Economy News – Baghdad 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, which was attended by Al-Eqtisad News, Al-Atwani said, “At the outset, 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 that the financial and banking sector is witnessing at the local, regional and international levels.
These challenges 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 that affect 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 investments and capital, which directly contributes to supporting economic and social development efforts and enhancing confidence in the national economy.”
In his speech, Al-Atwani noted, “Iraq has made significant strides in this direction over the past few years. The Iraqi banking system has witnessed major developments, including the modernization of the legal and regulatory structure, the issuance of compliance instructions, 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 an approach to reform and development by imposing precise and updated instructions in line with international best practices, in addition to its relentless pursuit of enhancing transparency and strengthening the system for combating money laundering and terrorist financing.”
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 the concerted efforts of all stakeholders, from banks, regulatory, legislative, and security bodies, to confront these challenges with high responsibility and professionalism is growing.”
He noted in his remarks, “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 in 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 keenness to follow up on the legislation required to enhance Iraq’s compliance with international standards, while emphasizing the need to balance strict compliance with achieving economic growth goals, supporting the private sector, and facilitating investment.” https://economy-news.net/content.php?id=55942
Despite Global Increases, Basra Heavy And Medium Crude Prices Decline.
economy | 09:46 – 05/28/2025 Mawazine News – Baghdad – Basra Heavy and Basra Medium crude prices fell on Wednesday, despite the rise in global oil markets.
Basra Heavy crude prices fell 40 cents, or 65%, to $61.60, while Basra Medium crude prices fell 40 cents, or 62%, to $64.10.
Oil prices rose after the United States banned Chevron from exporting crude from Venezuela under a new license, increasing the possibility of supply shortages. Brent crude rose to $64.56 a barrel, and US West Texas Intermediate crude also rose to $61.38 a barrel. https://www.mawazin.net/Details.aspx?jimare=261976
Gold Prices Rise Globally
Economy | 10:20 – 05/28/2025 Mawazine News – Follow-up Gold prices rose on Wednesday as investors bought, but easing trade tensions between the United States and the European Union limited gains, while the market awaited the US core personal consumption expenditures report for clues on interest rates.
Spot gold rose 0.3% to $3,308.99 an ounce, recovering slightly from a 1% decline in the previous session, according to Reuters. US gold futures rose 0.2% to $3,308.30.
US President Donald Trump backed down from his threat to impose 50% tariffs on the European Union, postponing their implementation until July 9 to allow time for negotiations between the White House and the 27-nation bloc. https://www.mawazin.net/Details.aspx?jimare=261978
Again… The Dollar Price Drops In Baghdad.
Economy | 05/28/2025 Mawazine News – Baghdad – The dollar exchange rate against the dinar declined in Baghdad with the closing of the stock exchange. The selling price reached 140,000 dinars for $100, while the buying price was 142,000 dinars for $100. https://www.mawazin.net/Details.aspx?jimare=261989
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