Financial Crime World

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Iraq’s Oil-Driven Economy Plagued by Financial Crimes, Corruption, and Bribery

Iraq, the world’s fourth-largest oil reserve holder, has long been plagued by instability and financial misdeeds. A new report reveals that endemic corruption, bribery, and fraud have become a persistent threat to businesses operating in the country.

Jurisdictional Risks Faced by Companies Operating in Iraq

The report, compiled by Themis MENA Limited, highlights the jurisdictional risks faced by companies doing business in Iraq. The research finds that the resource-dependent economy has created an environment conducive to financial crimes, with corrupt practices permeating all levels of government and society.

Exacerbated by Conflict

According to the study, the frequency of conflict in Iraq has exacerbated the issue, allowing criminal networks to thrive undeterred. Corruption and bribery have become a norm, with companies often being forced to pay bribes or kickbacks to secure contracts and operate effectively.

Lack of Effective Frameworks and Mechanisms

The report also highlights the lack of effective frameworks and mechanisms to combat financial crimes in Iraq. Despite efforts by authorities to implement anti-corruption measures, the country’s institutions remain fragile, allowing criminal networks to flourish.

Recommendations for Businesses Operating in Iraq

Businesses operating in Iraq are advised to take proactive steps to mitigate the risks posed by financial crimes. The report recommends:

  • Implementing robust compliance programs
  • Conducting thorough due diligence on partners and suppliers
  • Maintaining open communication with local authorities

Quotes

“The Iraqi economy is a high-risk environment, and companies must be aware of the threats they face,” said a spokesperson for Themis MENA Limited. “By understanding the jurisdictional risks and taking proactive steps to mitigate them, businesses can minimize their exposure and ensure successful operations in Iraq.”

Availability of Report

The report is available for purchase at a price of USD199.00, inclusive of VAT.