Baghdad: The Association of Private Banks in Iraq has highlighted the country’s notable progress in promoting financial inclusion, attributing this success to the Central Bank’s adherence to international standards.

According to National Iraqi News Agency, the Chairman of the Iraqi Private Banks Association, Wadih Al-Handhal, confirmed that the Central Bank of Iraq is actively implementing compliance standards and enhancing financial inclusion within the banking sector. He emphasized the Association’s role in supporting ongoing awareness efforts related to financial inclusion.

Al-Handhal elaborated that achieving success in implementing these international standards and advancing anti-money laundering efforts hinges on training specialized and competent staff. This training focuses on utilizing information and databases based on the principle of knowing the customer and understanding the sources of their funds.

Further, Al-Handhal mentioned that the Middle East and North Africa Financial Action Task Force (MENAFATF) has reclassified Iraq from a gray zone to a monitoring zone. This change signifies Iraq’s significant progress in promoting financial inclusion and combating money laundering and terrorist financing. He also stressed the importance of legal legislation and the need to continue training human resources to keep pace with the rapid digital and technological transformations worldwide.

Regarding Iraq’s financial inclusion rates, Al-Handhal stated that, according to international standards, the current rate has exceeded 46%, a significant improvement from previous years. The aim is to achieve a rate of 90-95% in cooperation with the Central Bank in the near future. The Arab Monetary Fund is reportedly satisfied with this progress and is closely monitoring the growth of Iraq’s banking sector. Iraq’s efforts in implementing financial inclusion through a sound mechanism have notably advanced the country’s ranking compared to others.