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Combating Money Laundering and Terrorist Financing in Iraq

Iraq has made significant strides in combating money laundering and terrorist financing, thanks to the efforts of several key entities working together. In this article, we’ll take a closer look at these entities and highlight their achievements.

Key Entities Involved in Combating Money Laundering and Terrorist Financing

1. Anti-Money Laundering and Combating Financing of Terrorism Office (AML/CFT office)

  • Responsible for implementing the country’s AML/CFT strategy
  • Coordinates with other agencies to report suspicious transactions
  • Reports directly to the Prime Minister’s Office

2. National Intelligence Service (INSS)

  • Collects and analyzes intelligence on terrorist organizations
  • Monitors extremist ideologists
  • Investigates administrative and financial corruption

3. Counter Terrorism Service (CTS)

  • Combats terrorism activities through surveillance, inspections, investigations, and strategic plans
  • Works closely with other entities to disrupt terrorist networks

4. Ministry of Interior (MoI) - Directorate of Combating Organized Crime

  • Combats crimes related to money laundering, financing of terrorist groups, smuggling of antiquities and weapons, and drug trafficking
  • Collaborates with international partners to share intelligence and best practices

5. Judiciary Authority and the Presidency of the General Prosecution

  • Examines Suspicious Transaction Reports (STRs) received from the AML/CFT office
  • Collects other evidence to support judiciary decisions
  • Plays a key role in bringing perpetrators of money laundering and terrorist financing to justice

Achievements of the First AML/CFT National Strategy (2017-2020)

Iraq’s efforts to combat money laundering and terrorist financing have borne fruit, thanks to the implementation of the country’s first AML/CFT national strategy. Some notable achievements include:

  • Improved Status with MENAFATF: Iraq was moved from regular follow-up status to biennial updates based on a decision issued by the Middle East and North Africa Financial Action Task Force (MENAFATF).
  • Enhanced Technical Infrastructure: Tremendous improvements were made to technical infrastructure, communication systems, and security features.
  • Establishment of Secure Communication System: A secure communication system called “I2N” was established for information exchange with other entities.

Conclusion

Combating money laundering and terrorist financing requires cooperation and coordination among various entities. Iraq’s efforts in this area demonstrate the importance of collaboration and commitment to fighting these crimes.