Iraqi Court Outlines Definition of Financial Crimes Under Anti-Money Laundering and Terrorism Financing Law
New Guidelines Clarify Scope of Financial Crimes in Iraq
The Iraqi government has recently outlined the definition of money laundering and terrorism financing under the Anti-Money Laundering and Terrorism Financing Law No. 39 of 2015. This move aims to provide clarity on the scope of financial crimes in the country.
Key Provisions of the Law
Money Laundering
According to Article 2 of the law, an individual is deemed to have committed money laundering if they engage in any one of three specific acts:
- Transferring, exchanging or concealing funds: This includes transferring, exchanging, or concealing funds that are known or should be known to be proceeds of a crime.
- Concealing the source or ownership of funds: Concealing the source, location, condition, or ownership of such funds is also considered money laundering.
- Acquiring, possessing or using laundered funds: Acquiring, possessing, or using such funds for personal gain or benefit is another form of money laundering.
Terrorism Financing
The law defines terrorism financing as any act committed by an individual who provides or collects funds with the intention of using them for terrorist activities. This includes:
- Providing funds from legal sources: Providing funds from both legal and illegal sources, knowing that they will be used to implement a terrorist act or by a terrorist organization.
- Collecting funds for terrorist organizations: Collecting funds with the intention of using them for terrorist activities, regardless of the country in which this occurs.
Consequences of Financial Crimes
Experts warn that these crimes can have severe consequences for individuals and organizations involved, including:
- Imprisonment: Those found guilty of financial crimes may face imprisonment.
- Asset freezing: Assets and properties acquired through illicit means may be frozen or seized by the authorities.
International Cooperation in Combating Financial Crime
The Iraqi government has emphasized its commitment to combating financial crime and terrorism financing, highlighting the importance of international cooperation in this effort.