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Combating Money Laundering and Terrorism Financing in Iraq

Section 5: Record-Keeping Requirements and AML/CFT Program Obligations

In order to combat money laundering and terrorism financing, financial institutions in Iraq are required to maintain certain records for at least five years. These records must include:

Suspicious transaction reports: Any reports related to suspicious transactions must be maintained for a minimum of five years.
Documents related to suspicious transaction reports: All documents related to these reports must also be kept on file for the same period.
Risk assessments: Financial institutions must maintain records of their risk assessments, which help identify potential money laundering and terrorism financing risks.
Information about barred persons: Any information related to individuals or entities that have been barred from conducting financial transactions must be kept on record.

In addition to maintaining these records, financial institutions are required to establish and implement AML/CFT programs. These programs must include:

Assessing money laundering and terrorism financing risks: Financial institutions must regularly assess the risks of money laundering and terrorism financing in their operations.
Implementing policies and procedures: Institutions must have clear policies and procedures in place to prevent and detect money laundering and terrorism financing.
Establishing standards of integrity for employees: Financial institutions must ensure that all employees are aware of the importance of preventing money laundering and terrorism financing.
Providing ongoing training: Regular training programs must be implemented to educate employees on AML/CFT policies and procedures.
Conducting independent audits: Financial institutions must conduct regular, independent audits to assess their compliance with AML/CFT regulations.

Section 6: Reporting Suspicious Transactions and Other Requirements

Financial institutions in Iraq are required to report any suspicious transactions immediately. These reports must include:

Transaction or attempted transaction details: All details related to the suspected money laundering or terrorism financing activity must be included in the report.
Justification for reporting: A clear justification for why the transaction was reported as suspicious must be provided.

In addition to reporting suspicious transactions, financial institutions are prohibited from opening or maintaining anonymous accounts. They must also abide by received lists of barred persons and natural or legal entities against which decisions have been taken by local or international authorities relevant to money laundering and terrorism financing.

Article 13: Obligations for Foreign Branches and Subsidiaries

The obligations imposed by the AML/CFT law apply to branches and majority-owned subsidiaries of institutions operating outside Iraq. Financial institutions must ensure that these obligations are applied at the level of the financial group, including information exchange policy and procedures within the financial group.

Article 14: Establishment of a Special Administrative Department

Financial Institutions shall establish a special administrative department for combating money laundering and terrorism financing to follow up on the implementation of the provisions of the AML/CFT law and its instructions.

Terrorist Funds Freezing Committee

A committee known as the Terrorist Funds Freezing Committee shall be formed at the Secretariat of the Bank to be responsible for freezing the funds of terrorists or other assets of persons designated by the UN Sanctions Committee. The committee will consist of representatives from various government ministries and agencies, including the Ministry of Finance, Interior, Foreign Affairs, Justice, Trade, Communications, and the Commission of Integrity.

These are the key points related to AML/CFT in Iraq as outlined in the provided text.