Al-Sudani commends banking sector reforms in meeting with U.S. official

Iraqi Prime Minister, Mohammad Shia Al-Sudani, affirmed on Wednesday that the reform of the banking sector has played a pivotal role in mitigating money laundering activities in Iraq.

This assertion came to light during his meeting with the U.S. Assistant Secretary of the Treasury, Elizabeth Rosenburg, in the capital, Baghdad, as conveyed by an official statement.

The rendezvous served as a platform for the examination of collaborative efforts between Iraq’s financial institutions and the U.S. Department of the Treasury. Discussions revolved around the government’s initiatives in implementing financial and banking reforms, aimed at curtailing corruption in all its forms.

Prime Minister Al-Sudani emphasized, “The government has been steadfast in executing its priorities in revamping the banking sector, which serves as a foundational pillar for economic development. This includes adhering to international standards, addressing discrepancies that have marred its operations, and staying attuned to evolving dynamics.” He further underscored that, “These reforms have significantly contributed to curtailing money laundering activities, as well as rectifying dubious trade practices while mitigating corruption.”

Al-Sudani went on to elucidate that “the government has made substantial progress in implementing reforms across both public and private financial institutions.”

In response, Rosenburg lauded the significant strides taken by the Iraqi government in the realm of financial and banking reforms. She expressed her conviction that these reforms will not only bolster Iraq’s economic resurgence but also enhance its programs and plans for sustainable development.