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Association of Banks: Adoption of the draft Anti-Money Laundering Act will give the world confidence Iraqi banks
01/07/2015
Brother - Baghdad
Saw Association of private banks, that the adoption of the House of Representatives to draft anti-money laundering law will give the global confidence of the Iraqi banks.
The head of the Association of private banks and depositary Handal, on Wednesday, in a statement received for News Agency (et) a copy of it, that "the Council of Ministers approve the draft anti-money laundering and terrorism financing law of important laws and in support of the banking sector."
He explained that "the law will provide frameworks, concepts and provisions that enable the central bank, the judiciary and the relevant authorities to use the proper tools to combat money laundering and terrorist financing, and to develop a deterrent to such practices, and that this law will give the world confidence in foreign dealings with Iraqi banks."
Handal said that "all member banks of the Association is keen to abide by the law if enacted, because of the subject of direct importance and impact on the economy and society, especially in the current stage."
He added that "legislation law avoids entering Iraq blacklisted if they were passed by Parliament in the near future."
The Council of Ministers during its voice on Tuesday, agreeing to draft anti-money laundering and terrorism financing law.
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