Iraq Economic News and Points To Ponder Late Saturday Evening 8-16-25
Rafidain Bank Signs An Agreement With An American Company In The Field Of Financial Consulting And Oversight
Banks Economy News – Baghdad Rafidain Bank announced today, Friday, the signing of a professional partnership agreement with an American company in the field of financial consulting and oversight.
Rafidain Bank Director General Ali Karim Hussein Zahir Al-Fatlawi said in a statement published by the Iraqi Embassy in Washington, "In a new strategic step that reflects Iraq's growing financial standing on the international stage, the Iraqi Embassy in Washington witnessed the signing of a professional partnership agreement between Rafidain Bank and K2 Integrity, a global leader in financial and regulatory consulting."
He added that "the agreement includes providing a comprehensive package of services, including combating money laundering and terrorist financing, implementing compliance systems in line with international standards, and strengthening the regulatory infrastructure of Iraqi banks."
He noted that "this cooperation is part of the Iraqi government's strategy to build a strong and transparent financial sector capable of keeping pace with global economic transformations and consolidating Iraq's position as a promising financial center in the region."
He explained that "this partnership represents a qualitative leap forward in the path of banking reform," noting that "the agreement will contribute to strengthening confidence in Iraqi banks and opening broader horizons for cooperation with correspondent banks around the world, supporting the government's goals of building a strong, transparent financial sector that is consistent with international best practices."
This signing comes as an extension of the government's approach to launching strategic projects that enhance Iraq's position as a promising financial center in the region, and consolidate its image as a country capable of keeping pace with global economic transformations with confidence and competence. https://economy-news.net/content.php?id=58801
Rafidain Bank Signs Agreement With US Company Amid Criticism In Congress
Rafidain Bank announced on Friday (August 15, 2025) the signing of a professional partnership agreement with K2 Integrity, an American financial consulting and oversight firm, during a ceremony held at the Iraqi Embassy in Washington.
According to a statement from the bank, the agreement includes a package of services covering anti-money laundering and counter-terrorism financing, the implementation of international compliance systems, and strengthening the regulatory structure of Iraqi banks.
The bank's general manager, Ali Karim Hussein Dhaher Al-Fatlawi, emphasized that the partnership represents "a qualitative leap in the path of banking reform" and will contribute to enhancing confidence in Iraqi banks and opening up broader horizons for international cooperation.
According to the statement, this signing comes within the Iraqi government's strategy to build a strong and transparent financial sector capable of keeping pace with global economic transformations and consolidating Iraq's position as a promising financial center in the region.
However, US Representative Joe Wilson accused Rafidain Bank of conducting financial transactions with the Houthi group in Yemen, describing it as a "terrorist organization." He vowed to work to cut off US funding to Iraq in the upcoming financial allocations legislation and urged the US Treasury to impose sanctions against the bank. https://www.radionawa.com/all-detail.aspx?jimare=42440
Rafidain Bank Confirms: Our Agreement With K2 Integrity Puts Iraq On The Map Of The Global Financial System
Banks Rafidain Bank's General Manager, Ali Karim, emphasized that signing the partnership agreement with K2 Integrity represents a qualitative shift in the bank's journey and the Iraqi financial sector. He noted that this strategic step transforms Rafidain Bank from a traditional local institution to an integrated banking platform directly aligned with international standards.
Al-Fatlawi explained, in an interview with the official agency, followed by Al-Eqtisad News, that the partnership comes with direct support from Prime Minister Mohammed Shia Al-Sudani, and in accordance with Cabinet Resolution No. (23274) of 2023, within the framework of a comprehensive reform vision aimed at restructuring the banking sector, strengthening Iraq's economic and financial sovereignty, and repositioning the country on the map of the international financial system with confidence and transparency.
Al-Fatlawi told (INA): "The partnership agreement with K2 Integrity represents a qualitative shift for Rafidain Bank, which is no longer just a traditional local bank, but has become an institution working to connect Iraq to international banking standards."
He added, "K2 Integrity is a global leader in compliance and anti-money laundering and counter-terrorism financing, and our collaboration sends a clear message that Iraq is serious about reforming its financial institutions and preparing them to open up to the global financial system."
Prime Minister's support
He continued, "This partnership would not have seen the light of day without the great support of Prime Minister Mohammed Shia Al-Sudani, who adopted a serious reform vision to restructure the banking sector. The contract with K2 Integrity came in accordance with Cabinet Resolution No. (23274) of 2023, which reflects that this project is not just an individual initiative of the bank, but rather part of a higher government policy aimed at enhancing transparency and financial sovereignty in Iraq."
Direct gains for citizens
Al-Fatlawi told (INA): "On the local level, this agreement raises the level of compliance and transparency within the bank, and establishes a modern corporate culture based on governance and risk management. As for the citizen, it means more secure banking services, greater protection for their money, and enhanced confidence in an institution that has long been a fundamental pillar of the national economy. Simply put, the citizen will feel that their money is in safe hands subject to global regulatory standards."
Reintegrating Iraq into the international financial system
Regarding the agreement's implications for Iraq's financial reputation, he explained, "Iraq needs to rebuild trust with international institutions, and this agreement is key to that.
Through K2 Integrity's services, we will be able to issue reports according to the highest international standards, which will put us back on the map of the international financial system and give us the ability to open up to global correspondent banks and attract foreign investment. Simply put, we are establishing a new phase in which Iraq is viewed as a country serious about reform, not as a fragile or isolated economy."
Fortifying the economy
Al-Fatlawi emphasized that "the banking sector is the first line of defense for any country's sovereignty. Through this partnership, we are not only improving our services, but also protecting our economy from the risks associated with financial isolation or unjustified accusations, and building institutional capacity that grants us greater independence. This step truly translates the vision of the Prime Minister and the Iraqi government for Rafidain Bank to be part of a broader national project to enhance economic sovereignty."
Regarding Rafidain Bank's future vision after this partnership, Al-Fatlawi told the Iraqi News Agency (INA): "This agreement reflects our ambition to transform into a modern, integrated banking institution, capable of keeping pace with technological and regulatory developments in the world.
We are establishing a brighter and more stable banking future, where citizens trust our ability to manage their money, and international institutions trust our ability to comply with global standards. Simply put, we are laying the foundation for an Iraqi bank with a global identity." https://economy-news.net/content.php?id=58856
Al-Araji Discusses With The US Chargé d'Affaires Enhancing Cooperation And Combating Terrorism.
A wish | 03:15 - 08/16/2025 Mawazine News - Baghdad - National Security Advisor Qasim al-Araji received on Saturday the US Chargé d'Affaires in Iraq, Ambassador Stephen Fagin.
During the meeting, they discussed bilateral relations and ways to enhance cooperation in the field of combating terrorism and exchanging information and expertise.
Al-Araji also reviewed the details of the security memorandum of understanding signed between Iraq and Iran regarding border control and preventing smuggling and infiltration, stressing that Iraq proceeds from its supreme national interests and adopts a policy of balanced openness with countries of the region and the world.
For his part, Fagin renewed his country's support for the policies of the Iraqi government, praising its efforts in returning the displaced. He revealed that an international conference will soon be held in New York to urge countries to withdraw their nationals from the Syrian Al-Hawl camp and fully resolve this issue. https://www.mawazin.net/Details.aspx?jimare=265192
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