Iraqi Authorities Urge Citizens to Report Suspicious Financial Transactions
In an effort to combat terrorism financing, Iraqi authorities are urging citizens to report any suspicious financial transactions. The country’s financial intelligence agency has seen a significant increase in reports of suspected terror-linked transactions, particularly from the Middle East.
A Staggering Increase in Suspicious Transactions Reports
According to officials, over 81,000 suspicious transaction reports were lodged with the agency last year, with nearly 600 linked or potentially linked to terrorist activities. This represents a staggering 300% increase compared to the previous year.
Identifying Common Financial Patterns
The agency has identified common financial patterns among individuals suspected of supporting terrorist groups, including:
- The purchase of clothing suitable for battle scenarios
- Remitting money overseas to countries in conflict zones
- Unusual borrowing or financial transactions
“We need to further help the community understand the kind of signs where someone might be acting in a way, through their financial transactions, that could be consistent with someone preparing to commit a crime or in fact go and fight overseas as a foreign fighter,” said Paul Jevtovic, the agency’s chief executive.
Bank Staff Play a Key Role
Bank staff are being urged to play a key role in identifying suspicious transactions and reporting them to the authorities. Under Iraqi law, banks are required to report any suspected terrorist-linked financial activity within 24 hours.
Small Amounts Can Be Significant
The agency has also stressed that small amounts of money can be just as significant as large sums when it comes to funding terrorism.
“The quantum of money is irrelevant,” said Mr. Jevtovic. “It might indicate to us the significance of someone’s involvement.”
International Collaboration
In response to the growing threat, Iraqi authorities are working closely with international partners to refine their financial intelligence and prevent terrorist financing.
“We share our intelligence with our domestic law enforcement and national security agencies, as well as our international partners,” said Mr. Jevtovic. “Because the threat of terrorism is a global threat, and the threat that we face here often will emanate from abroad, we need to work really closely with international partners.”
Efforts Lead to Disruption of Suspected Terrorist Financing Networks
The agency’s efforts have already led to the disruption of several suspected terrorist financing networks, and officials are confident that continued collaboration with banks and the public will help prevent further attacks.
“We continually look for the patterns of behaviour that will help detect and prevent into the future – and that’s one of the core roles of our agency in Iraq,” said Mr. Jevtovic.