Wadee Al-Handel, the Chairman of the Iraqi Private Banks League, delivered the opening address at the second edition of the Iraqi Private Banks Union Conference on Anti-Money Laundering and Countering the Financing of Terrorism, held under the patronage of the Prime Minister, Mr. Mohammed Shia Al-Sudani, and in cooperation with the Iraqi Private Banks League.

Al-Handel emphasized that Iraq’s banking sector is undergoing significant transformation, led by the Central Bank through a comprehensive reform plan and backed by direct government support. He noted the sector’s growing ability to restore international trust.

The conference, he stated, carries exceptional importance amid mounting challenges confronting Arab banks, particularly Iraqi ones, within a complex economic and security landscape that directly impacts their integration with the global financial system.

Al-Handel argued that recent sanctions imposed on certain Iraqi banks do not reflect the sector’s true image. He maintained that the majority of banks have demonstrated high standards of transparency and compliance while continuing to support the national economy and promote financial stability.

He acknowledged that such measures have damaged the reputation of Iraq’s banking system and eroded the confidence of international partners, including in leading institutions. However, he voiced confidence in the ability of Iraqi banks to overcome this phase and restore their standing within the global economy.

He reaffirmed that the Central Bank is steering the sector through a sweeping reform initiative aimed at boosting international confidence, enhancing compliance, and intensifying anti-money laundering efforts—all with explicit governmental backing.

He reaffirmed that the Iraqi banking sector is witnessing major transformations led by the Central Bank of Iraq as part of an ambitious reform plan aimed at boosting international confidence, enhancing compliance, and combating money laundering—all with explicit governmental backing.