Financial Crime World

Fraudulent Activities in Iraq’s Finance Sector Exposed through Training Workshops

Basra, Iraq - Capacity-Building Efforts to Combat Fraud

The Iraqi government, with the support of the United Nations Development Programme (UNDP), has successfully completed a series of capacity-building workshops in forensic auditing to combat fraudulent activities in the country’s finance sector. The eight workshops aimed to equip auditors, lawyers, and IT experts from Iraq’s Federal Boards of Supreme Audit (F/BoSA) and Commissions of Integrity (F/CoI) with skills to detect fraud and corruption.

Training Sessions Held Across the Country

The training sessions were held in Baghdad, Erbil, Sulaymaniyah, and Basra for over 200 participants. The workshops focused on recognizing fraud, preparing comprehensive forensic audit reports, and practicing preventive auditing to mitigate fraud risk.

  • Participants praised the training for fostering a collaborative environment where they could share ideas and learn from each other’s experiences.
  • Dalal Abdul Rahman Yassin, Financial Controller at F/BoSA, noted that “the workshop helped us share practical and scientific ideas that we can deploy in our work environment to combat fraud and corruption in Iraq.”

Forensic Auditing Crucial in Combating Financial Crimes

Forensic auditing is crucial in combating financial crimes, and the training equipped participants with the necessary skills to investigate these crimes collaboratively. The workshops also deepened understanding of global standards in forensic accounting and auditing.

  • The UNDP’s project on strengthening the rule of law and human rights in Iraq aims to fortify the capabilities of investigative bodies to tackle complex financial crimes.
  • Romana Schweiger, Programme Manager of the UNDP Rule of Law/Security Sector Reform Programme, emphasized the importance of building a diverse skillset of practitioners in fighting financial crimes.

Funding Support from US Bureau of International Narcotics and Law Enforcement Affairs

The training was funded by the US Bureau of International Narcotics and Law Enforcement Affairs (INL) and has supported over 700 investigating judges, prosecutors, police investigators, auditors, and financial analysts from Iraq’s Financial Intelligence Unit since 2021.

A Significant Step Towards a More Transparent and Accountable Financial Ecosystem

Iraq’s finance sector is plagued by fraudulent activities, and the training workshops are a significant step forward in the country’s journey towards a more transparent and accountable financial ecosystem.