IRAQ SANCTIONS SCREENING REGULATIONS INTENSIFIED
Strengthening National Security and Combating Illicit Activities
Baghdad, Iraq - The Iraqi government has announced a significant overhaul of its sanctions screening regulations to bolster national security and combat illicit activities.
Revised Regulations Come into Effect Immediately
According to official sources, the new regulations require all financial institutions and businesses operating in Iraq to conduct thorough checks on their clients and partners to ensure they are not involved with sanctioned entities or individuals. The revised regulations come into effect immediately, with all affected parties required to comply by a deadline set for August 31st.
Key Requirements
- All financial institutions and businesses operating in Iraq will be required to implement robust sanctions screening procedures, including regular checks on client databases and transaction monitoring systems.
- Affected parties must maintain accurate records of their transactions and client interactions, with all information made available for inspection by Iraqi authorities upon request.
Importance of Sanctions Screening
“We recognize that sanctions screening is a critical component of our efforts to combat terrorism, money laundering, and other illicit activities,” said an Iraqi government spokesperson. “These new regulations will help us stay ahead of the curve and prevent illegal activities from undermining our national security.”
International Support
The revised sanctions screening regulations have been welcomed by international financial institutions and businesses operating in Iraq, who view them as a vital step towards strengthening the country’s financial system.
- “Sanctions screening is an essential component of any effective anti-money laundering and combating terrorist financing regime,” said a senior executive at a major international bank. “We applaud the Iraqi government for taking this important step to enhance its sanctions screening capabilities.”
Broader Efforts
The revised regulations are seen as part of a broader effort by the Iraqi government to strengthen its financial system and combat illicit activities.
- In recent months, Iraq has taken a number of steps to bolster its anti-money laundering and combating terrorist financing regime, including the establishment of a new financial intelligence unit and the implementation of stricter guidelines for the reporting of suspicious transactions.
Impact on Businesses
The revised sanctions screening regulations are expected to have a significant impact on businesses operating in Iraq, with all affected parties required to comply with the new rules by August 31st.