CBI said that the presence of branches of foreign banks in Iraq is an important part of Iraq’s accession requirements of the World Trade Organization.
The deputy central bank Mhaaft appearance of Mohammed Saleh today: “The Law of the Central Bank of figure 94 of 2004 allowed foreign banks to open branches in Iraq for the last open branches in various countries.”
He added: “The mutual financial openness between Iraq and foreign banks would support the local economy and create a competitive environment between Iraqi banks and their foreign counterparts working in the yard of the money local. “
Salih stressed that “all branches of foreign banks in Iraq subject to the supervision of the Central Bank and the conditions for granting the license relating to open branches in Iraq. “
He pointed out that “the most important conditions for granting work permits for foreign bank in Iraq is to disclose the source and amount of funds that will be used in the Capitalization of the Iraqi investment, and disclose any fines or other penalties imposed by the applicants for supervisory authority foreign, in addition to the description of requirements native country to combat money laundering and terrorism or other illegal activities, and a statement on the implementation of the parent bank of the recommendations contained in the anti-money laundering law and the 40 recommendations. “
“The conditions also include pledged bank not exposed to any fines or other sanctions by the supervisory authority over the (10) years, or any other legal action taken against him or any issues or decisions by the supervisory authority over the (3) years prior “.
And working in Iraq 44 civil strife and foreign banks, including branches of the Lebanese banks and the United Arab Emirates and Iranian and Turkish in addition to the 6 state banks are Rafidain and Rasheed and Trade Bank of Iraq and the Industrial Bank and the Agricultural Bank and the Land Bank.