Financial Crime World

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IRAQ LAUNCHES NEW BUREAU TO FIGHT MONEY LAUNDERING AND TERRORIST FINANCING

The Iraqi government has launched a new bureau aimed at combating money laundering and terrorist financing in the country.

Establishment of the Anti-Money Laundering and Terrorist Financing Bureau (AMLTF)

According to official gazette issue No. 8347, dated November 16, 2012, the AMLTF will be established as a public department with legal personality, financial and administrative independence. The bureau will be headed by a General Manager who has at least 15 years of experience and a university degree. The General Manager will be assisted by an Assistant General Manager.

Tasks and Responsibilities

In its inaugural year, the AMLTF will receive reports or information about transactions suspected to include proceeds of crime, money laundering or terrorist financing from reporting authorities. It will also analyze these reports and may obtain additional information from reporting authorities during the analysis period. The bureau’s tasks also include preparing and submitting an annual report on its activities and statistics on notification reports and trends in combating money laundering and terrorist financing.

Due Care Measures for Financial Institutions and Designated Non-Financial Businesses and Professions

Financial institutions and designated non-financial businesses and professions are required to take due care measures towards clients, including:

  • Identifying and verifying the identity of clients and real beneficiaries
  • Identifying any person acting on behalf of a client
  • Understanding the purpose and nature of the business relationship
  • Continuously following up on transactions to ensure they are compatible with available information about the client

New Rules to Combat Money Laundering and Terrorist Financing

The new law introduces several measures aimed at combating money laundering and terrorist financing in Iraq, including:

  • Financial institutions and designated non-financial businesses and professions must take due care measures towards clients
  • The AMLTF will receive reports or information about transactions suspected to include proceeds of crime, money laundering or terrorist financing
  • Financial institutions and designated non-financial businesses and professions may postpone the verification of identification of the client until after the establishment of the business relationship

Conclusion

The new law is a significant step forward in Iraq’s efforts to combat money laundering and terrorist financing. It demonstrates the government’s commitment to protecting the country’s financial system from illegal activities and ensuring transparency and accountability in financial transactions.