The Central Bank of Iraq reported that Governor Ali Mohsen Al-Alaq opened the second session of the Conference on Combating Money Laundering and Terrorist Financing in Baghdad, focusing on the challenges Arab banks face in complying with international laws and meeting correspondent banking requirements. He framed money laundering and terrorist financing as drivers of financial instability and pointed to the Central Bank’s engagement with international partners through the application of international AML/CFT standards. The conference was held under the patronage of Prime Minister Muhammad Shia Al-Sudani and organised by the Central Bank of Iraq, the Union of Arab Banks and the Association of Private Banks. Al-Alaq urged stronger regional and international cooperation to combat money laundering and said the Central Bank is working to deploy artificial intelligence and network analysis in conducting financial operations in an organised manner to support Iraq’s standing in international financial and banking transactions.
Central Bank of Iraq 2025-05-28
Central Bank of Iraq calls for stronger AML/CFT cooperation and highlights plans to use AI and network analysis
Central Bank of Iraq Governor Ali Mohsen Al-Alaq opened the second session of the Conference on Combating Money Laundering and Terrorist Financing, emphasizing Arab banks' need to comply with international laws and correspondent banking requirements. He highlighted efforts to enhance regional and international cooperation and the use of artificial intelligence and network analysis to strengthen Iraq's position in global financial transactions.