Iraq Establishes Regulatory Office to Combat Financial Crime

New Anti-Money Laundering Office Established in Baghdad

In an effort to curb financial crime and maintain financial stability, the Iraqi government has established a new regulatory office within the Central Bank of Iraq. The Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Office is a public department that operates independently with its own moral, financial, and administrative autonomy.

Key Features of the AML/CFT Office

• Independent Operation: The office will operate independently, making decisions without external influence.
• Autonomous Management: The General Manager will have full authority to manage the office’s resources and personnel.
• Expert Leadership: The General Manager must possess a university degree and at least 15 years of experience in the field.

Strengthening Iraq’s Anti-Money Laundering Regime

The establishment of the AML/CFT Office is a crucial step towards enhancing Iraq’s anti-money laundering and combating terrorism financing regime. This new regulatory body will play a pivotal role in ensuring that financial institutions in Iraq comply with international standards and regulations, thereby maintaining financial stability and preventing illicit activities.

Protecting Iraq’s Economy

With the creation of this office, Iraq takes a significant step towards protecting its economy from the risks associated with financial crime. The AML/CFT Office will help to prevent the misuse of financial systems for illicit purposes, ensuring that Iraq’s economy remains stable and secure.