Al-Alaq: E-transfer platform effective against money laundering

Al-Alaq: E-transfer platform effective against money laundering

Shafaq News/ On Thursday, the Governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, announced the successful implementation of the electronic external transfer platform for combating money laundering.

According to the CBI media department, Al-Alaq, speaking at the Arab Forum for Anti-Corruption Authorities and Financial Intelligence Units in Saudi Arabia, highlighted the Central Bank's efforts in "enhancing financial transparency."

He underscored the recent CBI measures, particularly the electronic external transfer platform, which "has effectively identified actual beneficiaries and prevented the misuse of external transfers for money laundering."

"Using the cash sales platform has ensured the delivery of foreign currency to legitimate beneficiaries, including travelers and students abroad, as well as other lawful cases requiring foreign currency," he said.

Haider Hanoun, head of the Federal Commission of Integrity (FCoI), also attended the forum and pointed to international reports indicating growth in Iraq's economy, evidenced by "an increase in GDP, a rise in non-oil revenues, and a decline in inflation."

However, Hanoun warned that "corruption continues to undermine investment rates and contribute to a budget deficit."

The Arab Forum for Anti-Corruption Agencies and Financial Intelligence Units kicked off on Wednesday in Riyadh, bringing together 600 experts and 75 speakers.

Under the patronage of Prince Mohammed bin Salman, Crown Prince, and Prime Minister of the Kingdom of Saudi Arabia, the forum features the participation of financial intelligence units, anti-corruption agencies, government entities, and international organizations.

According to the Saudi Press Agency (SPA), the forum aims to "establish a clear path for cooperation among government entities in Saudi Arabia and relevant bodies in the region and worldwide." It serves as a platform for local and international experts and academic institutions to collaborate.

"The forum also presents a strategic opportunity to unify efforts among institutions in combating financial crimes."

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