Financial Crime World

Iraq’s Anti-Money Laundering and Terrorist Financing Bureau Takes Center Stage

The Iraqi government has taken a major step in its efforts to combat money laundering and terrorist financing by establishing the Anti-Money Laundering and Terrorist Financing Bureau. This new bureau will play a crucial role in preventing financial crimes and promoting transparency and accountability in financial transactions.

Responsibilities of the Bureau

The Anti-Money Laundering and Terrorist Financing Bureau will be responsible for:

  • Receiving reports of suspicious transactions
  • Analyzing information to identify potential money laundering or terrorist financing activities
  • Suspending financial transactions if necessary
  • Preparing an annual report on its activities and submitting it to the Council on combating money laundering and terrorist financing

Requirements for Financial Institutions and Designated Non-Financial Businesses and Professions

Financial institutions and designated non-financial businesses and professions must take due care measures when dealing with clients, including:

  • Identifying and verifying the identity of clients
  • Understanding the purpose and nature of business relationships
  • Following up continuously on transactions

Additionally, they are required to:

  • Report any suspicious transactions to the Anti-Money Laundering and Terrorist Financing Bureau
  • Participate in training courses on combating money laundering and terrorist financing
  • Notify control authorities or other competent authorities of any breach of their obligations under this law

Key Provisions of the Law

Here are some key provisions of the law:

  • The bureau will be headed by a General Manager with at least 15 years of experience.
  • Financial institutions and designated non-financial businesses and professions must take due care measures when dealing with clients.
  • The bureau will prepare an annual report on its activities and submit it to the Council on combating money laundering and terrorist financing.
  • Financial institutions and designated non-financial businesses and professions must report any suspicious transactions to the Anti-Money Laundering and Terrorist Financing Bureau.
  • The law requires financial institutions and designated non-financial businesses and professions to participate in training courses on combating money laundering and terrorist financing.

Implications of the Law

The new law is expected to have several implications:

  • Enhanced transparency and accountability in financial transactions
  • Prevention of money laundering and terrorist financing, which are major threats to national security and economic stability
  • Promotion of cooperation between financial institutions and designated non-financial businesses and professions on combating money laundering and terrorist financing

Overall, the new law is a significant step forward in Iraq’s efforts to combat money laundering and terrorist financing, and it is expected to have a positive impact on the country’s financial sector.