Iraqi Government Repeals Articles in Money Laundering Law
Strengthening Anti-Money Laundering Efforts
In a move aimed at strengthening Iraq’s anti-money laundering efforts, the government has repealed several articles in the Iraqi Money Laundering Law No. 93 of 2004.
Outdated and Ineffective Articles
The repealed articles include:
- Article (1), Paragraph Seven
- Articles (3) and (4)
These articles were deemed outdated and no longer effective in combating money laundering. Their repeal is expected to improve the country’s financial system and prevent illegal activities such as terrorist financing and drug trafficking.
Commitment to Protecting the Economy
A government spokesperson stated, “The Iraqi government is committed to protecting its economy from the threats of money laundering and terrorism financing. Repealing these outdated articles will enable us to strengthen our anti-money laundering measures and ensure that our financial system is more secure.”
Background on the Iraqi Money Laundering Law
The Iraqi Money Laundering Law was enacted in 2004 to combat money laundering and terrorist financing. The law required banks and other financial institutions to report suspicious transactions and implement internal controls to prevent money laundering.
Need for Updates
Experts say that the law had become outdated and needed to be updated to reflect changing global standards and technologies.
“Repealing these articles is a positive step towards modernizing Iraq’s anti-money laundering laws,” said Dr. S. S. Al-Aridi, an expert on banking and finance. “It will help to improve the country’s financial system and prevent illegal activities such as terrorist financing and drug trafficking.”
Initiatives to Combat Money Laundering and Terrorism Financing
The Iraqi government has also launched several initiatives aimed at combating money laundering and terrorism financing. These include:
- The establishment of a national strategy to combat money laundering and terrorism financing
- The creation of an anti-money laundering and terrorism financing office
A government spokesperson stated, “We are committed to implementing these initiatives and ensuring that our financial system is secure and stable. We will continue to work with international organizations and experts to strengthen our anti-money laundering measures and prevent illegal activities.”