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Exit the follow-up area

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1 Exit the follow-up area on Thu Jul 12, 2018 3:11 am

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Exit the follow-up area

12/7/2018 12:00 am
Dr. Basem Ibrahimi


Iraq comes out of the follow-up area, announced by the FATF.

The importance of this announcement is that the presence of any country in the gray or black list or under the strict follow-up within the evaluation of the group mentioned means that there is weakness in the system of combating corruption and financing terrorism, High risk and thus lead to the reluctance of investors to enter it.

Since 2012, FATF has indicated that Iraq has not complied with 15 of its key recommendations related to combating money laundering. on him.

In order to change this reality, Iraq worked to meet these requirements through a number of measures, foremost of which was the issuance of the AML / CFT Law No. 39 of 2015, as well as the issuance of the rules of due diligence towards customers of financial institutions No. (1) of 2017, The establishment of the Anti-Money Laundering and Terrorism Financing Office in the Central Bank and granting it complete independence and the authority to receive and analyze communications and transmit them to Elimination.

In addition, Iraq has issued the national strategy to combat money laundering in addition to the accession and ratification of the International Convention for the Suppression of Terrorism as well as the conclusion of bilateral agreements with countries to exchange information and legal assistance on the recovery of money and people. In the same context was formed a committee to freeze terrorist funds in accordance with the resolutions of the Security Council In this regard, No. 1267 and No. 1373.

That the exit of Iraq after the completion of the requirements of the Financial Action Group will have positive results, most notably contributing to the process of opening correspondent accounts of the Central Bank and local banks with the world, including accounts in the currency of the euro as well as receiving and sending remittances of Iraqis easily where will be dealing with these transfers according to simple care after it was And the economic relations with international investment companies and lending institutions will become stronger and easier as interest rates fall Required.

It is an important step for Iraq has been achieved by significant efforts made by the relevant authorities, including the Central Bank of Iraq and the Office of the fight against money laundering and we now maintain this achievement first and take advantage of the possible opportunities to support the Iraqi economy second, according to the data stage New.

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