Financial Crime World

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Iraq Takes Steps to Strengthen Anti-Money Laundering Laws

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The Iraqi government has made significant strides in combating money laundering and terrorist financing by implementing anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations.

Establishment of the Office of Combating Money Laundering and Terrorist Financing

In 2007, the Office of Combating Money Launderling and Terrorist Financing was established and reconfigured in 2015 with complete independence. The office is responsible for receiving, acquiring, or investigating reports about operations suspected of money laundering or terrorism funding.

AML/CFT Law Requirements

Under the AML/CFT law, 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 competent authorities
  • Participate in international organizations
  • Establish a database for analyzing and disseminating information
  • Compile statistics on AML/CFT issues

Monitoring Suspicious Transactions

The office also plays a crucial role in monitoring suspicious transactions and reporting them to the relevant authorities. It can:

  • Suspend financial transactions or activities if there is a concern about proceeds smuggling or damage to the analysis’ conduct

MemberCheck’s Anti-Money Laundering Solutions

MemberCheck, a leading provider of anti-money laundering solutions, has been helping financial institutions and businesses in Iraq comply with AML/CFT regulations. Their PEP and Sanction Check service allows clients to scan customers against global PEP & Sanction data sources, while their Adverse Media Check service keeps clients informed about risks their customers may face.

“Our solutions are designed to help Iraqi businesses stay ahead of the curve in combating money laundering and terrorist financing,” said a spokesperson for MemberCheck. “We provide secure and simple scanning solutions that minimize false matches and allow clients to access customer details whenever and wherever required.”

International Recognition

The Iraqi government’s efforts to strengthen AML/CFT regulations have been praised by international organizations, which recognize the country’s commitment to preventing financial crime.

For more information on how MemberCheck can help your business comply with AML/CFT regulations in Iraq, please visit our website.