Financial Crime World

Title: Iraqi Parliament Weighs New Anti-cybercrime Law Amidst Financial Institutions Vulnerabilities

Date: January 14, 2021

Iraqi Parliament Discusses New Anti-cybercrime Bill

  • In a bid to strengthen Iraq’s digital security landscape (Baghdad)
  • The Iraqi Council of Representatives (parliament) discussed the first reading of a new anti-cybercrime bill on November 23, 2020

Acts Identified as Cybercrimes

  • The proposed bill targets various cybercrimes such as phishing, identity theft, malware creation, and financial fraud

Significant Change Expected

  • If enacted, the bill could lead to significant changes in investigating and prosecuting cybercrimes related to financial institutions

Current Laws and Concerns

  • Despite Iraq’s prior Law No. 166 for combatting cybercrimes (in 2016)
  • Concerns about sufficient penalties to discourage potential offenders remain
  • The financial sector, which faces an increase in digital crimes, needs effective legal measures for customer protection and maintaining financial system integrity

Collaborations and Best Practices

  • Continuous efforts are essential to:
    • Share best practices and resources
    • Enhance cybersecurity awareness and preparedness
    • Collaborate between international organizations, governments, and the private sector

Quote from Noha Al-Jawad

  • “Iraq’s digital economy is rapidly developing, and it’s crucial that the legal framework keeps pace to prevent potential threats and ensure trust among businesses and customers.”
  • “Financial institutions hold sensitive financial and personal data, making them prime targets for cybercriminals.”

Next Steps

  • Analysis of provisions and potential outcomes continues
  • Timeline for implementation remains uncertain

Challenges and Impact

  • As Iraq deals with socio-economic implications of the COVID-19 pandemic
  • Securing finances and financial institutions in a digital world becomes increasingly important
  • Outcome of parliamentary deliberations could impact digital security infrastructure within Iraq and contribute to the global fight against cybercrimes