Iraq Takes Steps to Combat Money Laundering

Strengthening Anti-Money Laundering Laws

The Iraqi government has implemented new rules and regulations to combat money laundering and the financing of terrorism. These measures aim to prevent illegal activities by holding individuals accountable for managing or attempting to manage financial transactions with the intention of supporting or financing illegal activities.

Key Provisions

• Individuals responsible for transferring or sending cash and financial means to entities or individuals knowing that it will be used to support or finance illegal activities are subject to legal accountability.
• The Central Bank of Iraq has been granted the power to conduct audits of financial institutions, monitoring for suspicious financial activity and taking punitive measures against institutions that violate anti-money laundering laws.

Establishing a Stronger System

The Iraqi government has established the Money Laundering Reporting Office to collect, process, analyze, and disseminate financial transactions subject to financial control and reporting. This office is independent and works closely with international organizations to prevent money laundering and financing of terrorism.

• Foreign authorities responsible for supervising financial institutions or markets, foreign financial intelligence units, or criminal or judicial prosecution authorities can request information and documents from the Central Bank and Anti-Money Laundering Reporting Office.
• The new laws also require individuals to report the transport of currency or other monetary instruments greater than 15 million Iraqi dinars from a place within Iraq to a place outside Iraq, or from a place outside Iraq to a place within Iraq.

Increased Transparency

The Iraqi government’s efforts to combat money laundering are seen as a major step forward in the fight against illegal activities. The new laws aim to increase transparency in transactions and prevent the financing of terrorism.

Key Takeaways:

• The Iraqi government has implemented new anti-money laundering laws to combat illegal activities.
• Individuals responsible for managing or attempting to manage financial transactions with the intention of supporting or financing illegal activities are subject to legal accountability.
• The Central Bank of Iraq has been granted the power to conduct audits of financial institutions and take punitive measures against institutions that violate anti-money laundering laws.
• The Money Laundering Reporting Office has been established to collect, process, analyze, and disseminate financial transactions subject to financial control and reporting.