Donna Langley

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You must read this Here is how the banking reform is done in Iraq What Iraq has already achieved Over the last decade, Iraq moved from an almost entirely cash-based and loosely controlled banking environment toward a more internationally supervised system. Major progress includes: Electronic payment expansion Salary localization into bank accounts Stronger AML/CFT (anti-money laundering) rules Integration with SWIFT/global payment systems Restrictions on corrupt dollar transfers Bank audits and restructuring Financial inclusion growth ATM and bank card expansion Preparation for digital banking and possibly a digital dinar The biggest turning point came after the U.S. Federal Reserve and Treasury forced Iraq to tighten dollar-transfer controls beginning around 2022–2023. That pressure effectively forced Iraq to modernize its banking oversight. In 2025–2026, the Central Bank of Iraq launched what it openly called a “comprehensive reform project” with consulting firm Oliver Wyman. That is one of the clearest signs that Iraq has moved from talking about reform to actually restructuring the banking sector. The key point is this: Iraq is no longer in the “planning only” phase. It is now in the implementation and enforcement phase of reform. That is a major difference from most of the last decade.