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Summary of Iraq's exit from the follow-up area in the field of combating money laundering and terrorism financing

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Summary of Iraq's exit from the follow-up area in the field of combating money laundering and terrorism financing

September 06, 2018

Summary of Iraq's exit from the follow-up area in the field of combating money laundering and terrorism financing

Summary of the exit of Iraq from the follow-up area in the field of combating money laundering and the financing of terrorism, according to the report of the International Financial Working Group (FATF) ... Click here to download


http://cbi.iq/static/uploads/up/file-15362245216167.pdf

Portions of https://cbi.iq/static/uploads/up/file-15362245216167.pdf

The exit of the Republic of Iraq from the follow-up cycle According to the report of the International Financial Action Task Force for the Middle East (MENA FATF)

The International Financial Action Task Force (FATF) officially announced the exit of Iraq

Of the follow-up area, because the CBI and AML / CFT have made significant progress in improving and addressing deficiencies, meeting all its commitments to FATF recommendations and addressing the requirements of the CBL strategy prepared by the CBI, AML No. 39 of 2015, the issuance of instructions and controls, the establishment of the AML / CFT Council, and the Committee for the Freezing of Terrorist Funds. Thus, Iraq is no longer subject to monitoring and follow-up by the International Financial Action Task Force (FATF)

2012
• Iraq is among the high risk countries

2012
• Join And ratification On Convention International To suppress Terrorism

2015
• Amending AML / CFT Law No. 39

2016
• Issuing a system for the freezing of terrorist funds

2017
• Issuance Instructions No. (1) on due diligence rules for customers of financial institutions

2018
• Exit Iraq from the Follow-up Department

Agreements

• Accession and ratification of the International Convention for the Suppression of Terrorism under Law No. (3) of 2012

• Bilateral agreements with States to exchange information and legal assistance on the recovery of funds and persons

• Signing a contract with the International Monetary Fund (IMF) - Legal Section - to provide technical support in relation to anti-money laundering legislation and procedures

• Contract with KPMG International and set standards consistent with AML / CFT Law No. 39 of 2015 for the purpose of classifying banks according to compliance with the law and participating in the window of sale and purchase of foreign currency.

Law

• Amending AML / CFT Law No. 39 of 2015, which was published in the Official Gazette No. (4387)

Formation

• Establishment of the AML / CFT Office, its full administrative and financial independence, and the competence to receive and analyze the languages and submit them to the judiciary in accordance with Law No. 39.

• The formation of the Anti-Money Laundering Council chaired by the Governor of the Central Bank of Iraq, and the membership of representatives of ministries, law enforcement agencies and the Supreme Judicial Council.

• Formation of the Committee for the Freezing of Terrorist Funds in the General Secretariat of the Council of Ministers in accordance with Law No. 6 of 2016 under Security Council Resolutions 1267
And (3731) headed by the Deputy Governor of the Central Bank

5 and the membership of representatives of ministries, law enforcement agencies and the Supreme Judicial Council

• The Central Bank
Iraqi banks must
Customer Ratings
Basis of risk of washing
Financing and terrorism

• Issuing the Governance Guide
Financial institutions
To regulate the work of banks
And separation of powers

• Compelling all institutions
Financial reporting office
Anti-Money Laundering
And to finance terrorism immediately
Operation suspected of it
Includes money laundering or
Financing terrorism

• Issuing the bank's portfolios
Central Iraq
Instructions No. (1) on
Due diligence rules
Enterprise customers
Finance.

………. see article for tables

Article continues…


• 435 convictions for money laundering and terrorist financing in 2017

• 370 people and companies were frozen

• Frozen and confiscated funds and property amounted to $ 50 million + € 253 million

• 56 requests for mutual legal assistance on the recovery of funds from States

• 132 Request for the recovery of convicted offenders

• One bank license and 31 companies were withdrawn

• Number of languages 82 (2016) and 140 (2017)

Since Iraq's compliance with the core recommendations corresponds to a "largely committed" level of commitment, and the level of compliance with the key recommendations corresponds to a "largely committed" level of commitment, Iraq is agreed to exit the list of high-risk countries and exit from the follow- To update every two years.

The FATF was established in 2021 to assess the effectiveness of AML / CFT regulations in the Republic of Iraq

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