Central Bank of Syria Governor Abdulkader Husrieh said Syria is close to finalizing an anti-money laundering strategy, adding that it will be ready for discussion in February as part of efforts to exit the Financial Action Task Force’s (FATF) “gray list.”
In an interview with Asharq on Thursday, 5 February, Husrieh said the next step after adopting the strategy would be to seek support from several parties to help Syria get off the gray list, which includes countries deemed non cooperative in combating money laundering.
He said those parties include the U.S. Treasury Department, the International Monetary Fund, the World Bank, and the Arab Monetary Fund.
Syria has been on the FATF gray list since February 2010 due to “strategic deficiencies” in anti money laundering and counter terrorism financing measures. Despite some improvements, the country is still working with the FATF to address remaining shortcomings.
A lecturer at the Faculty of Economics at Hama University (central Syria) described Syria as an “active environment for money laundering,” citing weak financial oversight and a lack of transparency in information related to financial transactions.
To combat the phenomenon, he previously told Enab Baladi that several steps are needed, including:
- Strengthening and updating legislation by developing strict anti money laundering laws
- Improving oversight by establishing effective supervisory bodies to monitor suspicious financial activity
- Boosting cooperation with international organizations such as the FATF to exchange information and expertise
- Training financial sector staff to recognize suspicious activity
The FATF describes itself as the “global money laundering and terrorist financing watchdog.”
First investment bank
Husrieh also said there are contacts and discussions with several Arab and foreign countries to establish Syria’s first investment bank, expecting the move to take place in the fourth quarter of 2026 or the first quarter of 2027.
He said the Central Bank has finished drafting the executive instructions for investment banks and has already begun receiving licensing applications.
Husrieh added that Syria’s plan to secure the funding needed to renew and rebuild infrastructure depends on the presence of investment banks, since individual deposits in local banks cannot meet the financing requirements of large scale projects.
He expected the Syrian banking sector to attract Gulf deposits, but said attracting investments is more important.
On 6 October 2025, Husrieh said the Central Bank had prepared a draft of the executive instructions for the Investment Banks Law No. 56, issued in 2010, without clarifying whether these instructions were the first of their kind or whether others had been issued when the law was passed.
He described the drafting of the instructions as a “qualitative step” that would help develop Syria’s financial and banking system, meet reconstruction financing needs, and strengthen the investment environment in line with regional and international shifts in financial services.
Law No. 56 defines an investment bank as a “financial institution aimed at financing private sector investment activity, contributing to financing public sector economic projects, providing advisory services, and contributing to establishing companies,” in accordance with the provisions set out in the law.
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