Financial Crime World

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Iraq Tightens Grip on Anti-Money Laundering and Terrorism Financing

Baghdad, Iraq - The Iraqi government has strengthened its anti-money laundering and combating financing of terrorism (AML/CTF) regulations to combat illicit financial activities that threaten the country’s economic stability and national security.

AML/CTF Office Established by Central Bank of Iraq

According to a law passed in 2007 and amended in 2015, the Central Bank of Iraq is required to establish an Office for Combating Money Laundering and Terrorism Financing. This office is responsible for enforcing AML/CTF regulations and coordinating efforts with international partners to prevent the financing of terrorism.

Reporting Entities Must Comply with AML/CTF Regulations

Reporting entities, including financial institutions and designated non-financial businesses and professions, are required to perform several duties under the AML/CTF regulations. These include:

  • Receiving and analyzing reports or data about operations suspected of using proceeds from original crimes, money laundering, or funding for terrorism
  • Providing additional information as requested by the AML/CTF office to facilitate analysis and enforcement actions
  • Suspending financial transactions or activities that may be related to money laundering or terrorist financing for a maximum of 7 working days
  • Transmitting communications with the Public Prosecution Office and alerting competent authorities in case of reasonable suspicion

Compliance Programs Required for Designated Entities

Designated non-financial businesses and professions, as well as financial institutions, are required to establish compliance programs that include measures such as:

  • Coordinating with government agencies and international partners to exchange information on money laundering and terrorism financing
  • Participating in international conferences and organizations focused on combating terrorism financing and money laundering
  • Establishing a national database for analyzing and disseminating data on potential money laundering or terrorist funding
  • Conducting training workshops for staff on AML/CTF regulations and best practices

The Iraqi government aims to achieve several objectives through these compliance programs, including:

  • Enhancing coordination with international partners to combat terrorism financing and money laundering
  • Strengthening the national database for analyzing and disseminating data on potential money laundering or terrorist funding
  • Supporting judicial authorities in implementing AML/CTF regulations and laws
  • Providing technical support for agreements and treaties related to money laundering and terrorism financing

Conclusion

The implementation of these AML/CTF regulations is expected to have a significant impact on Iraq’s economic stability and national security, and will contribute to the country’s efforts to combat illicit financial activities.