Financial Crime World

Iraq Enforces Anti-Money Laundering Laws to Combat Terrorism Financing

======================================================

The Iraqi government has implemented a robust anti-money laundering (AML) and countering financing of terrorism (CFT) regime to prevent the misuse of its financial system for illegal activities. The AML/CFT Office, established in 2007 and reconfigured in 2015, is responsible for supervising financial institutions and non-financial businesses and professions to ensure compliance with AML/CFT regulations.

Responsibilities of Reporting Entities

To comply with AML/CFT regulations in Iraq, reporting entities must perform several duties:

  • Receive and analyze reports or data about suspicious operations suspected of money laundering or terrorist financing
  • Suspend financial transactions if there is a reasonable suspicion of illicit activities
  • Provide additional information to the AML/CFT Office upon request

Requirements for Designated Non-Financial Businesses and Professions

Designated non-financial businesses and professions in Iraq, as well as financial institutions, are required to have an effective compliance program in place. This includes:

  • Coordinating with authorities
  • Exchanging information on money laundering and terrorism funding
  • Participating in international conferences and organizations
  • Creating a national database for analyzing suspicious transactions
  • Providing training for staff

Enforcement and Monitoring

The AML/CFT Office monitors the activities of reporting entities and takes legal action against those that fail to comply with the law’s requirements. The office works closely with regulatory authorities and other competent bodies to:

  • Prevent the misuse of Iraq’s financial system
  • Support international efforts to combat terrorism financing

Goals of Iraq’s AML/CFT Regime

Iraq’s AML/CFT regime aims to achieve several goals, including:

  • Preventing the laundering of proceeds from criminal activities
  • Disrupting terrorist financing networks
  • Protecting the integrity of its financial system

The implementation of these regulations is a crucial step towards achieving this goal and strengthening Iraq’s position in the global fight against money laundering and terrorism financing.