Study the mechanisms of cooperation of Iraqi-US banks

11/13/2017

a new stage adopted by Iraqi banks with direct openness to the American banking sector through the examination of mechanisms of cooperation and access to mutually beneficial understandings and contribute effectively to the economic development process that Iraq is waiting for.

The advanced banks
dealing with banking affairs Ali al-Zaidi described meetings with US banks in the task, which included clarification of the reality of the work of Iraqi banks and the environment and mechanisms to catch up with sophisticated banks around the world.

"The meetings with the American side were twofold, the first in New York and the most important ways of drying up the sources of terrorist financing, then the other part in Washington.

We had a meeting with the representatives of the largest US bank Citi Bank and we focused on the challenges that prevent direct cooperation between US banks And Iraq away from any mediator. "
Extraordinary progress.

The representative of the US Treasury in his embassy in Baghdad, John Sullivan, had talked about international support to combat money laundering and financing of terrorism in Iraq and said: "Iraq has achieved during the past years extraordinary progress in the financial sector, and in turn we support Iraq in this direction,

which achieves development," calling "The disclosure of the achievements achieved through advertising in various media as the international community follows the reality of money in Iraq and has a desire to know more achievements that are achieved here."

Direct cooperation
Al-Zaidi said: "The dialogue was frank and transparent to the maximum extent and requested that the cooperation be direct without the intermediary ring represented by the banks (Turkish - UAE) and then the American banks," adding that "the mechanisms of foreign transfer go through US banks, and Iraqi banks operate according to regulations Global banking and there are a large number of banks and if there were mistakes in a bank, it does not mean that the banking sector suffers a defect.

Direct Accounts
Zaidi said that "the committees consist of the American side visit Iraqi banks and that the Iraqi banks are granted direct accounts without an intermediary and look at the results and then will see the US banks the reality of the work of the Iraqi financial sector," noting that "the Iraqi financial sector has gone a long way during the last period and managed to develop Mechanisms of action and overcome the mistakes that were in the course of his work.

" He pointed out that "American banks are interested in restructuring government banks and there should be an effective role for private banks in the process of economic development, and attention should be paid to young blood and advanced technologies and overcome the mistakes experienced by the financial sector in the

past."

External effect
Al-Zaidi stressed that during the meetings was explained the privacy of the work of the Iraqi banking sector and that he works independently without any external impact of international or regional may be prepared by US banks a challenge to cooperate with Iraqi banks, pointing to the possibility of dealing with Iraqi banks that have advanced technology and banking systems approved globally.

That "the mistakes of the past was a reason to evaluate the work of banks and promote their performance and products to suit the reality of the Iraqi economy, which awaits

a promising
future ."

An international auditor, said that during the meeting was the subject of a global auditor to be brought to the Iraqi banks, which bear all costs to perform the task of checking and see the progress of work and come out with results to stand in the reality of the banking sector and mechanisms of
work.

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