Financial Crime World

Iraq Enacts Tough Anti-Money Laundering Rules to Combat Financial Crime

The Iraqi government has taken a significant step in its fight against financial crime by introducing robust anti-money laundering (AML) regulations. The new rules aim to prevent money laundering, terrorism financing, and other illicit activities that threaten the country’s financial stability.

Establishment of the Office of Combating Money Laundering and Terrorism Financing

At the heart of Iraq’s AML efforts is the Office of Combating Money Launderling and Terrorism Financing, established in 2007 within the Central Bank of Iraq’s structure. This office has been granted independence since 2015 and is responsible for receiving reports and information about suspected money laundering or terrorism financing operations.

Role of the Office

The office plays a crucial role in:

  • Investigating reports
  • Communicating with reporting entities to gather more information
  • Suspending financial transactions if necessary
  • Transmitting communications to the Public Prosecution for legal action

Compliance Program Requirements

Iraq’s financial institutions and designated non-financial businesses and professions are required to have a compliance program in place. These programs aim to:

  • Exchange information on money laundering and terrorism financing with government departments
  • Participate in international organizations and conferences
  • Establish a national database
  • Analyze statistics
  • Provide training sessions
  • Notify regulatory authorities of any violations

Staying Up-to-Date with AML Requirements

In this challenging AML landscape, it is essential for institutions to stay up-to-date with the latest requirements and guidelines from regulatory authorities. MemberCheck encourages all its clients to visit their local regulatory authority sites for the latest information on AML obligations and programs.

Simple and Secure Solution from MemberCheck

MemberCheck offers a secure and simple solution for scanning politically exposed or high-risk individuals and checking names against sanction, regulatory, law enforcement, and other official lists. The company’s sophisticated scan filters and due diligence workflow minimize the time spent on false matches, allowing clients to access customer details whenever and wherever needed.

By staying informed and utilizing effective AML solutions like MemberCheck, institutions can help prevent financial crime and maintain a secure and stable financial environment in Iraq.