Do you think the implementation of the Electronic Signature and Electronic Transactions is important prior to getting the RV? By MNT GOAT

AL-SUDANI, THE PRIME MINISTER OF IRAQ, ISSUES A NUMBER OF DIRECTIVES WITHIN THE FRAMEWORK OF DEVELOPING ELECTRONIC PAYMENT SYSTEMS

Prime Minister Mohammed Shia al-Sudani directed, today, Saturday, to take a package of measures and directives to develop electronic payment systems and services and follow up on their implementation by specialized committees.

A government source said, according to the official agency: “Within the framework of Prime Minister Mohammed Shia al-Sudani’s continuous follow-up to the development of electronic payment systems and services, and in light of his review of the field supervisory reports related to the implementation of these services in various Iraqi ministries and institutions, he directed to take a package of relevant measures and follow up on their implementation by specialized committees.”

He added, “The directives were as follows:

1.Directing the Ministry of Planning, in cooperation with the Central Bank of Iraq and the World Bank, to create a national budget allocated to support and develop digital payment systems across the country.

2.Directing all ministries, including the Central Bank of Iraq, to ​​prepare an electronic cash flow statement periodically to ensure financial transparency, determine liquidity and manage risks, which contributes to improving financial planning.
3.Directing ministries and government institutions to establish strategic partnerships with banking and non-banking financial institutions as well as technology institutions and adopt effective action steps for cooperation and exchange of proposals and expertise.

4.Obligating financial and banking institutions to develop their technical and digital systems in accordance with the latest international standards, including strengthening anti-money laundering and anti-fraud systems; in order to ensure operational efficiency, improve the quality of banking services and achieve full compliance with regulatory controls.

5.Obligating financial and banking institutions to develop cyber protection systems and adopt the cyber resilience document, with strict adherence to the controls issued by the Central Bank regarding electronic governance, to ensure comprehensive protection of banking systems against cyber threats and ensure business continuity in the face of crises.

6.Directing ministries and government institutions to develop capable government work teams to follow up on electronic payment operations on a daily basis through training and qualification, and through specialized system portals provided by payment services companies.

7.Directing the Ministry of Communications to cooperate with ministries and government institutions to expedite the adoption of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 to be compatible with the requirements of electronic payment and collection settlements in the Ministry of Finance in cooperation with the Central Bank of Iraq.

8.Instructing the Ministry of Finance to submit a study on the mechanisms for creating intermediate accounts, adopted by government institutions as a mechanism for dealing with restricted government accounts to solve the problem of interruptions for citizens in the event of failure of financial operations.

9.The Central Bank shall issue directives to private and government banks to deal transparently and not discriminate between electronic payment companies.

10.The Central Bank of Iraq shall prepare what is necessary to cancel the prepaid ceilings for cards used locally to ensure wider and more flexible use.

11.Directing ministries and government institutions to establish specialized units within government departments to facilitate financial matching and settlements and resolve disputes arising from electronic payment, in coordination with banks.

12.Directing the Integrity Commission to intensify monitoring of collection points in government departments to ensure transparency and integrity.

13. Directing the Financial Supervision Bureau to develop and legislate administrative and financial updates that are compatible with electronic payment systems and to follow up on them on an ongoing basis.

14. Emphasizing on government institutions and electronic payment service provider companies to implement the paragraphs contained in the electronic financial collection and collection agreements according to the responsibilities of each party contained in those agreements.

15. Directing government banks to complete the activation of the comprehensive banking system to improve financial and administrative performance.

16. Obligating all ministries and government institutions to adopt advanced electronic administrative and accounting systems to enhance efficiency and transparency.

(I just want to ask you one question. Do you think the implementation of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 is important prior to getting the RV and reinstatement? This is literally almost all they are talking about these days. YES, its important!!!!! 😊 Let’s follow its implementation then and see where it gets us. Can they complete it by eary 2025?)