Financial Crime World

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Banking Industry Response to Financial Crime in Iraq Lacks

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Baghdad - A new report has revealed that the banking industry in Iraq is struggling to keep up with financial crime, particularly complex organized and financial crimes.

Report Highlights Need for Improvement

The report, launched by the United Nations Development Programme (UNDP) in partnership with the US government and the Supreme Judicial Council of Iraq, highlights the need for improvement in policies and procedures for investigating and prosecuting financial crimes. The report identifies several key areas where improvement is needed:

  • Judges and other professionals lack the necessary skills and expertise to effectively investigate complex financial crime cases
  • There is a need for more efficient tools and policies to help investigate and prosecute financial crimes
  • Complex organized financial crimes such as corruption, money laundering, and illicit accumulation of wealth are contributing to an atmosphere of privilege and injustice

Training Program Aims to Address Gaps

The training program aims to address these issues by providing workshops and a handbook on leading and conducting complex financial crime investigations. The Chief Justice of the Supreme Judicial Council of Iraq emphasized that the goal of the program is to strengthen the procedures and tactics of investigative judges in approaching and leading complex financial crime investigations.

US Ambassador Supports Efforts

US Ambassador to Iraq Matthew Tueller stated that Iraq requires efficient tools and policies to help investigate and prosecute financial crimes, as personal enrichment is a major motivation behind these crimes. He expressed support for the efforts of the UNDP and the Supreme Judicial Council of Iraq in addressing this issue.

Funding Provided by US Government

Funds from this project have been generously provided by the US government, and the project is part of UNDP Iraq’s Security Sector Reform/Rule of Law Programme.