KRG continues efforts with Baghdad to combat money laundering, says PM Barzani
ERBIL (Kurdistan 24) – The Kurdistan Regional Government (KRG) will maintain its cooperation with the Iraqi federal government to combat money laundering and other financial crimes, said Prime Minister Masrour Barzani on Saturday.
The premier’s remarks came during a speech he had delivered earlier Saturday at the Annual Iraqi Banking Conference in the Kurdistan Region in the presence of numerous top bankers, including Iraqi Central Bank Governor Ali Al-‘Alaq.
“We will maintain the cooperation with the federal government to combat money laundering and efforts to stabilize the value of Iraqi dinars,” Barzani said, expressing his delight for the “progress” the two governments had achieved in fighting financial crimes, including terror financing.
The My Account initiative, the KRG Ninth Cabinet’s flagship financial inclusion program, took center stage in the premier’s address to attendees in Erbil.
Barzani underlined the importance of a “robust, effective and active banking system” that his cabinet has been working for since its inception in July 2019.
“We are working to reform the banking sector and build a modern and strong foundation and infrastructure for the Region’s economy,” the premier added.
Once the financial inclusion program is fully rolled out, pensioners will no longer need to queue for hours to get their salaries in the harsh conditions of summer or winter; traders and business people will not have to carry huge amounts of cash, Barzani explained.
Those who seek to have access to small loans or transfer money internationally will be able to process their financial affairs easier, he added.
By the end of 2024, a million employees will own their banking accounts through the My Account initiative. Currently, more than 65,000 employees have been registered, per the latest figure Barzani revealed on October 11.
More ATMs and Points of Sales will be rolled out in the future as part of accelerating the implementation of the financial program, according to the top leader.
The premier extended his gratitude to the Central Bank of Iraq and Iraqi Prime Minister Mohammed Shia’ Al-Sudani for the cooperation with the KRG in supporting the digitalization of the payment system.
Initially launched as a pilot project, which included 841 employees at Erbil Children and Maternity Hospital, the program aims to digitalize all the payment systems.
"The lack of public trust has been a major obstacle in front of the development of the banking sector in Iraq and Kurdistan Region, which is caused by the economic and political instability and rampant spread of corruption," he said.
Our banking initiatives mark a new beginning for Kurdistanis; one that empower citizens to better manage their finances and to help streamline their lives.#MyAccount is the first step in this journey. pic.twitter.com/tcdQ7VjW2I
— Masrour Barzani (@masrourbarzani) October 21, 2023