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Iraq Takes a Stand Against Money Laundering and Terrorism Financing

A Growing Concern for Economic Stability

BAGHDAD, IRAQ - As Iraq continues to rebuild its economy and strengthen its institutions, the country has taken significant steps to combat money laundering and terrorism financing. The Anti-Money Laundering and Counter-Terrorism Financing Office in Iraq is at the forefront of this effort, working closely with financial institutions and non-financial businesses to prevent the flow of illicit funds.

Establishing a Strong Framework

Established in 2007 within the Central Bank of Iraq’s structure, the Money Laundering Reporting Office was reconfigured in 2015 under the Anti-Money Laundering and Terrorist Financing Law No. (39). The law requires reporting entities to perform a range of duties, including:

  • Receiving and analyzing reports of suspicious transactions
  • Suspending financial activities if necessary
  • Transmitting communications with authorities

Key Objectives for Compliance

Compliance is key for designated non-financial businesses and professions in Iraq as well as financial institutions. Together, these initiatives aim to achieve several goals, including:

  • Exchanging information on money laundering and terrorism funding with government agencies and the public sector
  • Participating in international conferences focused on combating the funding of terrorism and money laundering
  • Creating a national hub for analyzing and disseminating data about potential money laundering or terrorist funding

The Role of the AML/CTF Office

In addition, the AML/CTF Office is responsible for:

  • Assembling and analyzing thorough data on matters pertaining to its duties
  • Holding training workshops for concerned staff
  • Notifying regulatory authorities of non-compliance
  • Providing technical support for agreements and treaties related to money laundering and terrorism financing

Progress and Future Directions

Iraq’s efforts to combat money laundering and terrorism financing are paying off. The country has made significant progress in strengthening its institutions and preventing the flow of illicit funds. As Iraq continues on this path, it is clear that the Anti-Money Laundering and Counter-Terrorism Financing Office will play a crucial role in ensuring the country’s economic stability and security.