Key: Central measures are of interest to the UN Security Council
Key: Central measures are of interest to the UN Security Council
15/11/2017 12:00 am
During talks on money laundering and terrorist financing
Baghdad / Tarek Al-Araji
Efforts exerted by the Central Bank of Iraq to communicate with major international economic organizations, particularly the Bank and the International Monetary Fund to review the joint programs and the organization of the Iraqi financial sector and the extent of progress achieved. Governor of the Central Bank of Iraq Ali al-Alaq said in an interview with “Sabah” said: “Iraq asked the IMF and the World Bank and specialized international organizations to support the organization of donors conference in Kuwait,
As well as to help Iraq ease the problem of correspondent banks, revealing the bank’s completion of the “National Strategy for Combating Money Laundering to finance terrorism” which will soon be transferred to the Council of Ministers for approval. “The quarterly meeting noted that the visit to Washington and New York was for discussions with the International Monetary Fund and participation In the quarterly meeting between the Fund and the countries that Iraq has among them, having programs with the Fund in force, having a 7-year program, began in 2016, there is a periodic review of the program’s progress and focus and discussions on the 2018 budget. He pointed out that the International Monetary Fund would prefer the budget to be prepared according to the program agreed upon, and that there be ceilings for public debt, deficit and operating expenses while maintaining expenses of a social, health and security, such as health care and salaries. For these sectors “. Reduce the deficit and noted that ” the discussions that took place in the Jordanian capital Amman earlier, addressed the first draft of the budget in which large deficits, and since then the government has worked under the guidance of the Prime Minister to reduce the deficit and unnecessary expenses and tried to increase local revenues and the goal of the program to reduce the deficit Between domestic revenues and domestic expenditures so that the country is not always exposed to the risks of fluctuations in oil prices and that there is a kind of safety valve at the very least. He pointed out that “the visit of the United States of America included a number of meetings, the most important meeting of the governors of banks with the Director General of the International Monetary Fund, and explained in our speech the operation of the program with the Fund and asked for more flexibility and understanding in some of the requirements and conditions, based on the circumstances of Iraq, The conference of donors in Kuwait, as well as helping Iraq to ease the problem of correspondent banks abroad and there were side meetings with the governors of several central banks. Money laundering and stressed that “delivering a lecture at the Strategic Studies of the Near East Foundation, addressed to clarify the economic and financial situation and the measures the central bank , including the issue of money laundering and the financing of terrorism, and there was the impression of the Security Council based on previous reports filed by the Central Bank for companies that have been included Within the list of international urban by a vote in the Security Council, these cases were the subject of interest by the Security Council, especially that it was coordinated with other countries and was considered a successful model of international cooperation. Al-Aalak said: “A presentation was made on the procedures of the Central Bank and the steps taken during the last three years regarding this issue in all its dimensions. Also, copies of the national strategy for combating money laundering and terrorist financing were distributed which the bank has completed and is considered an important strategy. To the Council of Ministers soon, but we distributed models there and offered to the members were welcomed and attention, especially as the strategy was based on consultations with organizations with international experience on this subject at all stages. Three billion and on the opinion of the International Monetary Fund budget said: “The IMF is intended to be deficit in the federal budget for Iraq for the year 2018 does not exceed 15 trillion dinars and this is what we seek and I think we implicit this figure in the budget, as the price of a barrel of oil up to 43 dollars and the same Export quantities in the budget of 2017, “noting that” the IMF after the completion of the budget and some other simple requirements will be submitted the beginning of next December to the Board of Directors meeting its recommendations and if the report is positive and in line with the program will be launched other payments and start the payment of Qab To the end of this year and the amount of 150 million dollars from the International Monetary Fund and nearly a billion dollars from the World Bank and other amounts from the seven industrial countries to reach the combined amounts to nearly 3 billion by the end of this year. The establishment of applications on the horizontal expansion of the banks stressed Keywords “lack of applications for the establishment of commercial banks and specific applications to establish Islamic banks, because they benefit from the law prescribed by the House of Representatives , which granted facilities for the establishment of these banks, because he made capital of 100 billion dinars instead of 250 billion dinars and then raise To 250 within 3 years and this encouraged many to apply for the establishment of these banks with the central bank’s reservation on the amount of capital, because he has a view that the capital is not determined by law, but is determined in accordance with the circumstances and requirements. He said that the Central has a lot of the establishment of Islamic banks requests, but the bank ‘s board at its previous meeting realized that this number can not be added to the banks because it is above the energy and the potential of the existing market, and therefore asked for more study on the subject until the final decision. ” Merger of banks Regarding commercial banks, he pointed out that “the number of large and the future will see the integration of these banks, as happened in all countries of the world, starting with a large number and then ends with a specific number, but they are large banks, stressing that” the Central can not push and force banks to integrate but in practice and practical experience will adopt In the future only Integration and reduce the number. ”
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