US to work with Iraqi government, CBI, Financial Intelligence to prevent sanction evasion: spokesperson
Shafaq News/ The US recognizes "opportunities" in Iraq's financial sectors and works with the Iraqi government, Financial Intelligence Unit, the Central Bank of Iraq (CBI), and other banks to prevent fraud, sanction evasion, and terrorism funding, a spokesperson to the US embassy in Iraq revealed on Sunday.
"The United States and Iraq have a strong working partnership, and the U.S. Treasury relationship with Iraq is important," US Diplomat Danielle Korshak told Shafaq News Agency, "For years, Treasury has worked with Iraq to improve transparency in financial transactions, prevent criminal and corrupt actors from accessing the international banking system and smuggling their illegal proceeds, and to bring Iraqi banks into compliance with international standards."
"Iraq has made significant progress since then in taking due diligence requirements seriously," she explained, "one positive example is the work done on international wire transfer requests; the Central Bank of Iraq is ensuring banks are acting transparently and in line with international practices."
In addition to creating new opportunities, these joint efforts, according to Korshak, have provided protection to the resources of Iraqi people and a trajectory towards "increased connectivity" between Iraqi banks and the international financial system.
Korshak said that the U.S. Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg traveled to Baghdad, Iraq, September 12-13.
Rosenberg, according to Korshak, met with Iraqi Prime Minister Mohammed Shia al-Sudani and leaders at the Central Bank of Iraq, Trade Bank of Iraq, the Iraqi Financial Intelligence Unit, as well as representatives from the Iraqi private banking sector.
"Both sides, recognizing the opportunities and challenges ahead for further improving the Iraqi financial sector," she said.
They also agreed to "continue working together and take positive steps towards meaningful and lasting reforms that will raise Iraq to international standards and prevent fraud, sanctions evasion, terrorist financing, and other illicit activities."
The US diplomat said that Prime Minister Sudani also met with U.S. Department of Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson on the sidelines of the United Nations General Assembly in New York on September 18.
The meeting discussed "the continued progress toward strengthening Iraq’s financial sector."
"The U.S. Treasury continues to work closely with the Government of Iraq as it seeks to implement meaningful reforms to strengthen the Iraqi financial sector against fraud, sanctions evasion, terrorist financing, and other illicit activities," Korshak concluded.
