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Money laundering and terrorist financing risk assessment report
November 13, 2023
:diamonds: Summary of the report assessing the risks of money laundering and terrorist financing associated with virtual assets and virtual asset service providers..For more, click here
https://cbi.iq/static/uploads/up/file-169986201748412.pdf
https://cbi.iq/news/view/2467
~~~~~
(Partial and approximate translation of table of contents and Recommendations)
Summary of the report assessing the associated money laundering and terrorist financing risks
B “Virtual Assets and Virtual Asset Service Providers”
For executive summary
3 Introduction
4 Approved methodology, evaluation objectives
4 The first axis: An overview of virtual assets, their characteristics, and their service providers
7 The second axis: Money laundering, terrorist financing, and arms proliferation risks associated with virtual assets
9 Third axis: Risk assessment (vulnerabilities, threats) of virtual assets and service providers
Virtual assets
12 Recommendations
…
Recommendations
A- Trading in virtual currencies involves several risks that may result from their trading, especially with regard to related to electronic piracy, fraud, money laundering operations and terrorist financing, despite the The lack of legal legislation for it within the Republic of Iraq, as the Central Bank of Iraq has warned against its use
And to deal with it, the report recommends continuing to take the necessary warning measures and strengthening follow-up prevention measures.
B- That the Central Bank of Iraq conduct an update on the risks of virtual currencies and the risks of the providers of these services.
And measure the extent of understanding of those risks.
T- Continuously reviewing its legal frameworks and regulatory instructions related to preventing the use of electronic payment methods.
In keeping with the rapid development and modern practices around the world in this context, and monitoring the extent of compliance and implementation of the ban.
D- The importance of overcoming any obstacles related to investigation procedures, following up on the ban, and taking the necessary measures regarding the misuse of electronic means.
Modern methods used to launder money or finance terrorism through the use of virtual currencies and their service providers if they are detected.
C- Include databases available at the Central Bank of Iraq and law enforcement agencies on practical cases that are detected.
About it in the event of identifying traders of any type of virtual assets or providers who may operate unofficially.
And be available to investigative authorities.
H- Include in the memorandums of understanding that will be signed with other countries a paragraph that stipulates the exchange of information with those parties regarding The topic is for the reason that it is a cross-border service.
November 13, 2023
:diamonds: Summary of the report assessing the risks of money laundering and terrorist financing associated with virtual assets and virtual asset service providers..For more, click here
https://cbi.iq/static/uploads/up/file-169986201748412.pdf
https://cbi.iq/news/view/2467
~~~~~
(Partial and approximate translation of table of contents and Recommendations)
Summary of the report assessing the associated money laundering and terrorist financing risks
B “Virtual Assets and Virtual Asset Service Providers”
For executive summary
3 Introduction
4 Approved methodology, evaluation objectives
4 The first axis: An overview of virtual assets, their characteristics, and their service providers
7 The second axis: Money laundering, terrorist financing, and arms proliferation risks associated with virtual assets
9 Third axis: Risk assessment (vulnerabilities, threats) of virtual assets and service providers
Virtual assets
12 Recommendations
…
Recommendations
A- Trading in virtual currencies involves several risks that may result from their trading, especially with regard to related to electronic piracy, fraud, money laundering operations and terrorist financing, despite the The lack of legal legislation for it within the Republic of Iraq, as the Central Bank of Iraq has warned against its use
And to deal with it, the report recommends continuing to take the necessary warning measures and strengthening follow-up prevention measures.
B- That the Central Bank of Iraq conduct an update on the risks of virtual currencies and the risks of the providers of these services.
And measure the extent of understanding of those risks.
T- Continuously reviewing its legal frameworks and regulatory instructions related to preventing the use of electronic payment methods.
In keeping with the rapid development and modern practices around the world in this context, and monitoring the extent of compliance and implementation of the ban.
D- The importance of overcoming any obstacles related to investigation procedures, following up on the ban, and taking the necessary measures regarding the misuse of electronic means.
Modern methods used to launder money or finance terrorism through the use of virtual currencies and their service providers if they are detected.
C- Include databases available at the Central Bank of Iraq and law enforcement agencies on practical cases that are detected.
About it in the event of identifying traders of any type of virtual assets or providers who may operate unofficially.
And be available to investigative authorities.
H- Include in the memorandums of understanding that will be signed with other countries a paragraph that stipulates the exchange of information with those parties regarding The topic is for the reason that it is a cross-border service.
