UNODC ROMENA: Iraq’s Battle Against Money Laundering and Terrorist Financing

Baghdad’s Strategic and Tactical Steps to Enhance AML/CFT Framework

Key Milestones in Iraq’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Journey

UNODC ROMENA newly published analysis reveals Iraq’s commendable strides in the fight against money laundering (ML) and terrorist financing (TF).

Ratification of UN Conventions: Iraq ratified the United Nations Convention against Transnational Organized Crime (UNTOC) and its two Protocols.
- Protocol against Smuggling of Migrants (SMCTP)
- Protocol against Illicit Manufacturing of and Trafficking in Firearms (IMFTC)
International Financial Intelligence Cooperation: Iraq joined the Egmont Group, facilitating international financial intelligence exchange.

Key Institutions Established: The following institutions were set up:

Effective Operations and Seizures: In 2019, FECIC seized over 64 billion Iraqi Dinars ($51 million) in assets linked to ML and TF.

Membership in Regional Organization: Iraq became a member of the Middle East and North Africa Financial Action Task Force (MENAFATF) in 2017.

Despite remarkable progress, several challenges lie ahead for Iraqi authorities:

Enhancing AML/CFT Understanding: Need to bolster the understanding of AML/CFT risks and implement stronger interagency cooperation.
Addressing Technical Shortcomings: Outdated legislation and weak regulatory measures implementation necessitate immediate addressal.

UNODC ROMENA contributes to Iraq’s AML/CFT framework enhancement through:

In summary, with a strong resolve from the Iraqi authorities and international support, Iraq can effectively tackle the threats of ML and TF.