Wadee Al-Handal Highlights Iraq’s Banking Reform as Union of Arab Banks Conference Opens in Baghdad to Address Global Compliance Challenges

The Union of Arab Banks Conference officially commenced on May 28 in Baghdad, under the patronage of His Excellency Prime Minister Mohammed Shia Al-Sudani. The event was jointly organized by the Central Bank of Iraq (CBI), the Union of Arab Banks (UAB), and the Iraqi Private Banks League (IPBL), under the theme: “Challenges Facing Arab Banks in Complying with International Laws and Regulations and Ways to Meet Correspondent Bank Requirements.”

The conference brought together senior government officials, international financial experts, and high-level representatives from the banking sector to engage in critical dialogue on regulatory compliance and global financial integration.

The opening session featured welcoming remarks from Mr. Wadee Al-Handal, Chairman of Al Handal International Group (HIG) and President of the Iraqi Private Banks League; Dr. Saleh Mahoud, on behalf of Prime Minister Mohammed Shia Al-Sudani; Dr. Ali Al-Alaq, Governor of the Central Bank of Iraq; Dr. Mohammed Al-Hassan, Representative of the UN Secretary-General; and Mr. Wissam Fattouh, Secretary-General of the Union of Arab Banks.

During his address, Mr. Al-Handal emphasized the significant transformation underway in Iraq’s banking sector, driven by the Central Bank’s comprehensive reform agenda and reinforced by direct governmental support. He highlighted that Iraqi banks are poised to regain the confidence of the international financial community.

Al-Handal underscored the critical importance of the conference, particularly in light of the escalating challenges facing Arab banks, and Iraqi banks in particular, within a complex and evolving economic and security landscape. These conditions, he noted, continue to affect the ability of regional banks to maintain strong relationships with the global financial system.

He addressed recent regulatory measures imposed on certain Iraqi banks, emphasizing that these actions do not reflect the true nature of the broader sector. According to Al-Handal, the majority of Iraqi banks have demonstrated a firm commitment to transparency, compliance, and international standards—continuing to support the national economy and contribute to financial stability despite external pressures.

While acknowledging that these measures have temporarily impacted Iraq’s financial reputation abroad, Al-Handal expressed strong confidence in the sector’s resilience and its ability to navigate current challenges, restore international trust, and reintegrate into the global financial system.

The two-day conference will explore a wide range of topics, including strategies to combat money laundering and terrorist financing, the use of advanced technologies and artificial intelligence in financial crime prevention, challenges in establishing sustainable correspondent banking relationships, and updates on modern international financial legislation.