Money Laundering Crime in Iraq: A Legal Overview

Baghdad is known for its rich cultural heritage, but unfortunately, it also faces challenges related to money laundering and financing terrorism. In this article, we will delve into the concept of money laundering crime in Iraq and explore the legal framework surrounding it.

What Constitutes Money Laundering?

According to Article 2 of the Anti-Money Laundering and Terrorism Financing Law No. 39 of 2015, a person is guilty of money laundering if they engage in one of three acts:

• Transferring funds from a criminal source: This involves transferring funds from someone who knows or should know that the funds are proceeds of a crime for the purpose of concealing its unlawful source.
• Hiding the truth about the funds: This includes hiding the truth about the funds, their source, location, condition, method of disposition, transfer, ownership or rights related to them.
• Acquiring, possessing or using money from a criminal source: This involves acquiring, possessing or using money knowing at the time they received it that it is proceeds of a crime.

Financing Terrorism: A Crime in Iraqi Law

In addition to money laundering, financing terrorism is also considered a crime in Iraqi law. According to Article 1/10 of the same law, anyone who provides or collects funds with the intention of using them for terrorist acts will be held accountable.

• Key elements: The act must be committed knowingly, and the perpetrator must have the intention of using these funds to finance terrorism.
• Applicability: This applies regardless of whether the crime occurred or not, and regardless of where it took place.