At a Glance

• CBI and CMC hold coordination meeting
• Focus on digital payment regulation
• TikTok payment mechanisms discussed
• Global platforms' licensing reviewed

The Governor of the Central Bank of Iraq, Nizar Nasser, met with Communications and Media Commission (CMC) Executive Director Baligh Abu Kalal to discuss strengthening cooperation on regulating digital payment services and developing Iraq's legislative framework for the digital economy.

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Key Statements and Focus Area

• The meeting focused on combating money laundering and terrorism financing through greater institutional coordination.
• Participants reviewed mechanisms to regulate financial transactions on TikTok and payments to content creators.
• Licensing frameworks for global technology companies, including Apple, Google, and Meta, were also discussed.
• The two institutions are preparing a memorandum of understanding to expand cooperation on digital payments and financial technology.

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Central Bank of Iraq Governor Nizar Nasser Hussein met with Communications and Media Commission Executive Director Baligh Abu Kalal to discuss ways to strengthen cooperation in regulating digital payment services and advancing the legislative and regulatory framework for Iraq's digital economy.

The discussions focused on improving oversight of digital applications and electronic payment platforms while ensuring compliance with Iraqi laws, protecting users' rights, and promoting transparency and legal compliance.

The two sides reviewed measures to strengthen coordination in combating money laundering and terrorism financing in line with national and international standards.

They also discussed mechanisms for reactivating financial transactions on TikTok and regulating payments to influencers and content creators to bring them under Iraq's legal, tax, and financial frameworks.

The meeting addressed licensing procedures for international digital platforms, including Apple, Google, and Meta, to operate officially in Iraq and align their digital payment systems with the country's regulatory requirements.

Officials also discussed signing a memorandum of understanding (MoU) to establish a formal framework for cooperation on digital payments, financial technology (FinTech), and electronic services as part of Iraq's broader digital transformation efforts.

FYI

Iraq has been expanding its digital payment infrastructure as part of wider efforts to modernize the financial sector, reduce reliance on cash transactions, and strengthen financial oversight. Authorities have increasingly focused on developing regulatory frameworks for digital platforms, improving compliance with anti-money laundering standards, and encouraging international technology companies to establish officially regulated operations within the country.

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