Address by the Special Representative of the Secretary-General of the United Nations for Iraq and Head of the United Nations Assistance Mission for Iraq (UNAMI) Anti-Money Laundering and Terrorism Financing Conference -Second Edition

Excellencies,

Ladies and Gentlemen,

I am honored to participate in the opening of the second edition of the Anti-Money Laundering and Terrorism Financing Conference, which constitutes a significant milestone in the path of Iraq towards the transition to the state of the rule of law and institutions - and the positive interaction in efforts to combat money laundering, dry up the sources of financing terrorism, and strengthen compliance systems for regulatory and governance frameworks in the financial and banking sector.

I would like to start by referring to the title chosen for this edition “Challenges Facing Arab Banks in Complying with International Laws and Legislations, and the Means to Fulfil Correspondent Banks Requirements”. It reflects the growing awareness among financial and banking institutions that restoring trust and attracting international partnerships require commitment to the highest standards of transparency and responsibility.

Ladies and Gentlemen,

The United Nations believes that good governance, transparency and compliance with international regulatory frameworks are not only pillars for the prevention of money laundering and financing terrorism, but also tools to enhance trust building measures between states and institutions, especially in the financial sector, which is the lifeline for economic growth.

In this context, the United Nations appreciates the efforts of the Central Bank of Iraq and the Association of Iraqi Private Banks in leading this positive movement. It calls for strengthening partnerships with the international financial institutions, including the International Monetary Fund, the World Bank, The Financial Action Task Force (FATF and MENA FATF), The Basel Committee and the Economic and Social Commission for Western Asia (ESCWA), etc. in order to build national capabilities that contribute to raising standards to keep pace with global requirements and entitlements.

Such partnerships, accompanied by building on the successful experiences in several Arab states (and non-Arab states) that were able to gain the trust of international institutions and international banks by adopting profound reforms, would ensure the integration of Iraq into the global banking system, serving its national interests towards sustainable economic development.

Distinguished participants,

Today's conference is a considered a platform to exchange experiences and review the applications of financial technology and artificial intelligence as practical tools to enhance regulatory compliance systems and combat money laundering and financing terrorism. In light of the accelerated digital transformation, technology is no longer an option, but an urgent necessity. It has the potential, if used properly, to detect suspicious patterns, enhance the accuracy of regulatory procedures, and accelerate the response to financial risks. However, this technological development must be accompanied by a strong legislative system. While digitization offers unprecedented possibilities, legislative compliance remains the main guarantor of the sustainability and legitimacy of this transformation.

Iraq’s full recovery and its return to playing a positive role has become a regional and international necessity. The time has come to shake off all the dust of the past from this gem — the Eastern pearl — and the people and leadership of Iraq are capable of doing so.

Thank you