Financial Crime World

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Iraq Takes Steps to Combat Money Laundering and Terrorism Financing

The Iraqi government has made significant strides in recent years to strengthen its anti-money laundering (AML) and countering financing of terrorism (CFT) policies and procedures.

Establishment of Office of Combating Money Laundering and Terrorist Financing

In 2007, the Office of Combating Money Laundering and Terrorist Financing was established within the Central Bank of Iraq’s structure. In 2015, it was granted complete independence to operate effectively.

The office is responsible for:

  • Receiving reports of suspected money laundering or terrorist financing activities
  • Conducting investigations
  • Suspending financial transactions if necessary
  • Communicating with reporting entities to gather additional information
  • Transmitting communications based on reasonable suspicion of money laundering or terrorism funding

AML/CFT Supervisors Play Key Role

The Office of Combating Money Laundering and Terrorist Financing plays a crucial role in ensuring that Iraq’s financial sector is free from illicit activities. The office is responsible for:

  • Supervising financial institutions and non-financial businesses to ensure compliance with AML/CFT regulations
  • Investigating suspicious transactions and reporting any findings to the relevant authorities

Supporting Compliance Efforts in Iraq

For organizations looking to strengthen their AML/CFT programs in Iraq, MemberCheck offers a range of solutions, including:

  • PEP and Sanction Check
  • Adverse Media Check
  • Customer Identity Verification
  • AML Consulting Service
  • Jurisdictional Risk Checks
  • Compliance as a Business

MemberCheck’s sophisticated scan filters and due diligence workflow enable clients to quickly and easily identify high-risk individuals and entities. Its secure and customizable reporting system also allows for easy compliance with regulatory requirements.

Staying Compliant in Iraq

With the increasing importance of AML/CFT regulations worldwide, it is essential for businesses operating in Iraq to ensure that they are fully compliant. MemberCheck’s solutions can help organizations:

  • Streamline their compliance processes
  • Minimize the risk of non-compliance
  • Maintain a secure and ethical business environment