Banks Association: Legislating money laundering law will give international confidence to the Iraqi private banks

while noted that the banks will be committed to it.

The head of the Association of private banks , Wadee al- Handal said in an interview to Shafaq News, that the adoption of the Council of Ministers for draft of anti-money laundering law and anti-financing terrorism are of the important laws and support for the banking sector, pointing out that this law will provide frameworks, concepts and provisions that enable the central bank, the judiciary and the relevant authorities to use the right tools to combat money laundering , terrorist financing and the development of a deterrent for such practices as this law would give "confidence in the global foreign dealings with Iraqi banks.

Handal said that all banks member in the Association are abide to commit to the law if legislated as this subject has direct importance and impact on the economy and society, especially at the current stage as legislation of such a law avoids Iraq from entering the blacklist if it was passed by Parliament in the near future .

It is worth mentioning that Governor of the Central Bank , Ali al-Alaq had praised on Tuesday the Cabinet's decision to vote on the draft law presented by the Central Bank of Iraq, which has been developed according to the latest international standards and agreements and coordinate directly with the World Bank , the Financial Action Task Force and international organizations