Shafaq News / The Central Bank of Iraq (CBI) highlighted, on Thursday, the misuse of electronic cards outside Iraq, concurrently revealing that a number of them have been referred to judicial authorities for legal action under the Anti-Money Laundering and Counter-Terrorism Financing Law.
The bank's media office stated in today's release that, "As part of its supervisory and regulatory role, the bank has recently observed misuse of electronic cards outside Iraq within short periods, adversely affecting the financial and banking sector and its clients in the Republic of Iraq. This was revealed through reports from relevant security authorities and the regulatory measures of the bank, along with the Anti-Money Laundering and Counter-Terrorism Financing Office."
According to the statement, "Reports indicated the use of cards intended for employees' salaries, retirees, and social welfare. Consequently, a number of cards have been referred to the Supreme Judicial Council for legal action under Law No. 39 of 2015 on Anti-Money Laundering and Counter-Terrorism Financing, along with the instructions issued accordingly. Additionally, employees of the public sector have been referred to the Integrity Commission for necessary action."
The bank cautioned in its statement that "beneficiaries of electronic payment services should beware of fraudulent websites proliferating recently, which lure citizens (exploiting their lack of awareness) to provide their card information in exchange for promises of services that are not valid. It emphasized that legitimate services should be accessed only through official applications provided by the card issuer (bank, electronic payment company) exclusively."