Financial Crime World

Iraq’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Efforts: Key Developments

Entities Involved in AML/CFT Efforts

The following entities play a crucial role in combating money laundering and terrorist financing in Iraq:

  • National Security Service (NSS): Focuses on collecting and analyzing intelligence information, monitoring extremist activities, and combating economic crimes.
  • Counter Terrorism Service (CTS): Works to combat and eliminate terrorism activities through surveillance, inspections, and investigations.
  • Ministry of Interior (MoI) - Directorate of Combating Organized Crime: Aims to combat money laundering, financing of terrorist groups, smuggling, and drug trafficking.
  • Judiciary Authority and the Presidency of the General Prosecution: Plays a major role in examining Suspicious Transaction Reports (STRs) and collecting evidence to support judiciary decisions.

Objectives and Responsibilities

The following objectives and responsibilities were outlined by the entities involved:

  • NSS: Collects and analyzes intelligence information, monitors extremist activities, and combats economic crimes.
  • CTS: Combats and eliminates terrorism activities through surveillance, inspections, and investigations.
  • MoI’s Combating Organized Crime Directorate (COCD): Focuses on combating money laundering, financing of terrorist groups, smuggling, and drug trafficking.
  • Judiciary Authority and the Presidency of the General Prosecution: Examines STRs and collects evidence to support judiciary decisions.

Achievements

Iraq has made significant progress in its AML/CFT efforts:

  • MENAFATF Update: Iraq was moved from regular follow-up status to biennial updates by the Middle East and North Africa Financial Action Task Force (MENAFATF) in 2018.
  • First AML/CFT National Strategy: The first AML/CFT National Strategy (2017-2020) achieved significant improvements in technical infrastructure, communication systems, and security features.

Training and Capacity Building

To enhance the knowledge and skills of staff and judges in AML/CFT:

  • Training Programs: Conducted training programs for staff and judges of the Public Prosecution and the IMLOCC to enhance their knowledge and skills in AML/CFT.