Union Of Arab Banks: Iraq Is A Pioneer In Electronic Banking Services, 4 JUNE

 Union Of Arab Banks: Iraq Is A Pioneer In Electronic Banking Services

June 3, 2024 Baghdad/Iraq Observer   The Union of Arab Banks confirmed today, Monday, that Iraq is a pioneer in electronic banking services, while  noting 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 deprivation from dealing in the dollar, not sanctions, because sanctions mean inclusion on the sanctions list,” pointing out that

 “the effect of deprivation is almost equivalent to sanctions because it is difficult for banks to operate without the dollar currency, which represents... Currency of international trade. Fattouh added,

  “The Iraqi banking sector is an ancient sector and has a history, as its total assets amounted to 157.9 billion dollars, and even its deposits amounted to more than 100 billion dollars.”

  Therefore, this sector is important and its role is vital in economic development in the heart of the country.”

He stressed “the necessity of applying international standards, especially with regard to the standards and laws in force to combat money laundering and terrorist financing.” He pointed to  “involving the strategy between the Union of Arab Banks and the Association of Iraqi Private Banks, to reach this truly desired 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 Muhammad Shiaa Al-Sudani made the important historical visit to the United States of America.” He noted that

 “the biggest role today is how to protect the Iraqi banking sector, and that trade exchange actually takes place through Iraqi banks and not through other banks.” He continued,

"Iraq is very advanced in electronic banking services, and the challenge today facing the Iraqi banking sector remains the challenge of compliance."    https://observeriraq.net/اتحاد-المصارف-العربية-العراق-رائد-في-ا/