Iraq Moves to Enhance Anti-Money Laundering Measures with Establishment of AML/CFT Office

The Central Bank of Iraq has taken a significant step towards strengthening its financial sector by setting up an anti-money laundering (AML) and combating the financing of terrorism (CFT) office. This new entity, which operates as a public department, enjoys moral personality and financial and administrative independence.

Key Features of the AML/CFT Office

• The office is headed by a General Manager with a minimum university degree and at least 15 years of experience in the field, specializing in AML/CFT matters.
• This appointment underscores the government’s commitment to combating illicit financial activities and ensuring that Iraq’s banking system operates in compliance with international standards.

Impact on Iraq’s Financial Landscape

• The establishment of the AML/CFT Office is expected to have a significant impact on Iraq’s financial landscape, enabling the country to better detect and prevent money laundering and terrorist financing activities.
• The office will work closely with other government agencies, law enforcement authorities, and financial institutions to identify and prosecute illegal transactions.

Boosting Investor Confidence

• In addition to enhancing the country’s AML/CFT regime, the new office is expected to boost investor confidence in Iraq’s banking sector, which has been impacted by international sanctions and terrorist financing concerns.
• By demonstrating its commitment to combating financial crime, the Iraqi government hopes to attract more foreign investment and promote economic growth.

This move is a significant step towards strengthening Iraq’s financial sector and demonstrates the government’s commitment to combating illicit financial activities. The AML/CFT Office will play a crucial role in promoting transparency and stability in the country’s banking system, ultimately contributing to its economic growth and development.