TNT:

Tishwash:  Prime Minister: We will switch to the correspondent banking system to conduct 100% of foreign transfers by early 2025

Iraqi Prime Minister Mohammed Shia al-Sudani said that Iraq will switch to a correspondent banking system to conduct 100% of foreign transfers early next year.

This came during discussions he held with US Deputy Treasury Secretary Wally Adeyemo and a number of officials in the ministry regarding the government's efforts and plans for economic and financial reform, the move towards diversifying sources of Iraqi output, enhancing development targets, and practical measures implemented in the field of combating money laundering.

Al-Sudani stressed that the government has made great strides in the financial and banking reform file and that 95% of bank transfers are made through the electronic platform, and the remainder will be completed by the end of this year.  link

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Tishwash:  Enhancing Transparency: Rafidain Barcode System for Iraqi and Foreign Company Incorporation Certificates

Rafidain Bank announced, today, Thursday, the adoption of the health of the issuance system via the electronic barcode system for certificates of establishment for Iraqi and foreign companies

 The bank's media stated in a statement received by {Al Furat News}, "Based on government directives to simplify procedures and automate data, Rafidain Bank announces the adoption of the issuance health system via the electronic barcode system for certificates of incorporation for Iraqi and foreign companies, in addition to working on the search, investigation and inquiry system via OFAC lists and lists affiliated with the Committee for Freezing Terrorist Funds (local and international)."

He added: "The aim of these procedures followed by the bank is to inquire and verify companies that have indicators of sanctions and bans, whether local or international, so the bank follows due diligence procedures to audit in accordance with Anti-Money Laundering and Terrorism Financing Law No. 39 of 2015 and take the necessary precautionary measures." 

The bank confirms that the advantage of the barcode system lies in linking the bank and its branches to the ministry’s departments and cancelling the paper certificate verification process and transferring it electronically, saving time and speeding up the completion of transactions without resorting to the previous routine cycles. link

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Tishwash:  Masoud Barzani to a parliamentary delegation: There is an opportunity to legislate the oil and gas law

The President of the Kurdistan Democratic Party, Masoud Barzani, stressed today, Wednesday, September 25, 2024, that "the opportunity exists to legislate an oil and gas law to regulate the distribution of wealth."

During his reception of a delegation from the Parliamentary Finance Committee, according to a statement by the Parliamentary Media Department, received by "Baghdad Today", Barzani stressed "his desire to resolve the differences between the central government and the region, expressing his support for the Finance Committee's movement in this regard."

The meeting discussed, according to the statement, "the overall common situation and ways to resolve the pending issues between the central government and the Kurdistan Regional Government, in a way that establishes a new phase of cooperation, coordination and understanding based on respect for the Iraqi constitution."

Al-Atwani reviewed "the files that the Finance Committee delegation came to discuss with the Kurdistan Regional Government, most notably the implementation of the provisions of the Federal General Budget Law, the oil and national wealth file, the localization of employees' salaries, border crossings, taxes and customs, and other issues related to the financial aspect."

He stressed "the Finance Committee's constant efforts to find understandings that lead to radical solutions to the outstanding issues between the federal government and the region," stressing that "deferring the differences does not solve them, but rather increases their complexity."

Barzani praised the efforts of the Finance Committee "in terms of enacting laws, monitoring performance, and taking the initiative to end disputes."  link

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Tishwash:  Prime Minister stresses Iraq's openness to all forms of constructive economic partnerships

Prime Minister Mohammed Shia al-Sudani stressed, on Wednesday, Iraq's openness to all forms of constructive economic partnerships.

The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Prime Minister Mohammed Shia Al-Sudani received in New York today, Wednesday, the CEO of Dubai Ports Company, Sultan Ahmed bin Sulayem, which is one of the most prominent companies specialized in managing ports in the world."

He added that "the meeting discussed aspects of cooperation and the possibility of benefiting from the extensive expertise available to Dubai Ports in the field of rapid transportation of goods and re-export, especially its extensive and successful experiences in transporting goods between Asia and Europe, where bin Sulayem expressed the company's desire to cooperate with Iraq in this field, as well as the possibility of forming partnerships with the private sector in various industrial fields."

The Prime Minister stressed - according to the statement - "Iraq's openness to all forms of constructive economic partnerships," referring to "Iraq's efforts to use the available capabilities to implement the Strategic Development Road project, which is among the priorities of the government program; as it represents an important pillar for the non-oil economy and an opportunity to develop infrastructure and provide thousands of jobs and employment opportunities   link

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